Yes it does but as the carbonic acid titration curve is pretty flat at pH values below about 5.5 (i.e. for the most likely range of mash pH's) and above about pH 7 up to about 9 (i.e. where most water pH values fall) the proton deficit of the water doesn't much depend on pH, either of the water or the mash and it is sufficient to know the alkalinity for rough work. Most of the spreadsheets take advantage of this approximation.So, does pH of the water really matter?
For more accurate results one must indeed consider the pH of the water. The proton deficit between the water sample pH and the alkalinity titration end point pH is taken from the titration curve (or the underlying math) and, the measured alkalinity (as adjusted for H+, OH-, phosphate and silicate) is divided by this in order to determine how much carbo is in the system. The proton deficit between sample pH and desired mash pH is then taken from the curve (or math) and multiplied by the total amount of carbo to give the proton deficit of the water to mash pH.