Yes. Price can affect how readers respond to an ebook promotion.
Free ebooks generally have the lowest barrier to trying an unfamiliar author, which can make them useful when the goal is maximizing reader discovery.
Discounted ebooks ask the reader to make a purchase decision, so response may be different even when the book is attractive.
Price should be considered together with genre, series position, regular retail price, reviews, and your overall marketing goal. A lower price can encourage reader interest, but it does not guarantee a particular result.