Yes. If enclosed in double quotes ~ retains its literal meaning. If not quoted, bash performs tilde expansion and considers the tilde-prefix up to the first unquoted /. This means that in commands like
ls ~user/"dir with spaces"/*.ps"
~user is the tilde-prefix expanded to the user's home, whereas in
ls ~"/dir with spaces"
nothing is treated as a tilde-prefix and therefore there isn't any tilde expansion.