No, but not having a PhD filters out people without a talent for coding. Same with not having a college degree at all - it's not that going to college makes you worse at coding, but that getting a coding job without a college degree requires you to be better at coding.

I'm speaking anecdotally, and there are many ways my sample may be biased. (Also, maybe bad PhD devs make sure everyone knows they have PhDs, while competent devs never mention it?).

OTOH, there could be something in culture and personality that pushes lesser devs into getting PhDs.