Yes and No. It affects the total time it takes for the page to load completely. The player often loads in less than one second. The time can vary depending on how much flash content you have on your site, in particular flash-content such as banners. 

However, it does not affect your "load grade time" from Google, since they only take into consideration how long it takes for your html to load. Any external component such as our flashplayer will not be measured. 

More info here:  http://adwords.google.com/support/aw/bin/answer.py?hl=en&answer=93113