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Yes, but only when your team performs badly.

I find a weak corelation (if any) between morale and team performance. I lost one match in cup ( oppo was 15% weaker) while I had 4 or 5 players on fire, the others were super and very good.

I received this comment from AM long before the moral update.

Another test, the moral of my new signed low quality MC drop from very good to good after the first match that he played full time. I think that there's a bug with new signed player.

I agree. I bought a low quality GK yesterday. He was in the bench this morning and now his moral is already poor.