Not really. MQA is not lossy in the same way that MP3 is lossy, and it contains corrections in the analog domain.
Of course, MP3 and MQA are lossy in different ways.
1) Folding/unfolding process of MQA:
audiophilestyle.com
I found curious that people who deny to perform software upsampling are fans of MQA down and upsampling DSP.
2) Ultrasonic noise added by MQA filters - see
Archimago's measurements comparing Topping D90SE built-in filter and MQA filters:
"As you can see, I've created a 96kHz file with content starting at 17.5kHz rolling-off by 45kHz. Obviously music should not have high levels out to 40+kHz, but you never know and I'm trying to be illustrative here. The shape is intentional so we can identify the pattern across the frequencies."
It is easier to trust propaganda words than to try to understand things.