It does. But there are ways around it. As long as your content distribution method degrades gracefully, there's no problem. Generally, the content I would want to lazy load are items that could be paginated, so lazy loading without javascript falls back to pagination. That's one way to deal with the issue, but generally, if you're dealing with mission-critical content, you'll always want to make sure there's a non-javascript way to access it.
If you're just lazy loading images, there's generally not an issue unless you're using javascript to insert the image into the HTML, which would just be silly.