Yes. Card counters (advantage players at blackjack) studied shuffle tracking. I haven't seen much good material published on it, but I played on a team with a math whiz (physicist) who ran the numbers. For the casino we were playing at the time, the last 20 or so cards would be distributed over the bottom half of a six-deck shoe. A strategic cut would bring those three decks to the front, and you could play with a slight advantage.

Suppose you're at a full table and 12 of the last 20 cards are aces or tens (rare but possible). These get shuffled and cut into the first three decks, giving you a true count of four (12/3) for the first half of the shoe, which is significant.

We never really put it into practice, though, since: 1) you have to track the count for the last 20 cards in addition to the regular count, 2) shuffles change, 3) dealers are inconsistent, 3) casinos use different shuffles, 4) the typical advantage is likely to be much smaller.

My knowledge on this is at least 20 years out of date, though, so who knows?