Yes. When the spreadsheet opens, Excel displays an error message that the Customization Assembly cannot be loaded. If you do not have the SmartClient installed on the cop, ignore the message, and you can continue to work on the spreadsheet without a problem. Send the sheet back to a computer with the SmartClient installed to update the records in NetSuite.
If the SmartClient is installed on the computer, you should receive no errors if the SmartClient was installed to the standard location. If you receive the Customization Assembly error, you need to run the SmartClient Link Tool.