Electrolyte, it does. Let me demonstrate:
For the purpose of this demonstration, I'm going to refer to two computer components: the video card and the monitor. The video card can, chances are, put out more frames than the monitor can display (in terms of refresh rate). After the video card renders a frame, it must wait in queue until the monitor is allowed to display it. This creates a minor (but noticable) mouse lag. Depending on your settings, though, this lag could be reduced.
The "Triple Buffering" option allows the video card to render more frames in the delay between when a frame is rendered and it is displayed. This means that the frames you are seeing on your monitor occured even further in the past, which can be associated with mouse lag.
The best option nowadays is to increase your monitor's refresh rate to 85hz, as edhe said. I know a few people who drop their resolution down to 800x600 so they can play at 170 hz (which is 2x85). I tried it once and I must say it's quite amazing how the game looks and feels at those settings.