Yes: the thing is, you waste a fixed number of frames (film length) per roll (loaded film casette).
Originally Posted by AndersPS
Hypothetically, let's say that 5 frames (about 19 cm) are wasted* for each cassette (roll) you load. The more film you cut (the smaller the number of frames per roll), the more you waste. So, if you get 18 rolls of 36 exposures per one bulk film, you will NOT get 36 rolls of 18 exposures from the same bulk, because by halving the number of frames per roll, you are also DOUBLING the number of wasted frames
* Actually, the number of wasted frames varies depending on the type of bulk loader. I find the Watson bulk loader to be particularly wasteful: it wastes several frames at the END of the spooled cassette, in addition to the 3-4 frames at the beginning.