Yes, but Epcot handles crowds well. You may have longer lines in World Showcase or on attractions. You may be a little more crowded waiting for the fireworks. I wouldn't rule it out, just because of magic hours.
By that point of the day, the difference between that day and any other day will be small enough to not matter in any practical way. It’s really, really hard to go open to close at Epcot, and not that many people want to.
Just from my experience last week it had no change on crowd levels. I arrived on an Epcot EMH day, and arrived in the park around 3pm. I had gone to MK first (tradition) and then hopped over to EP since I was staying at BWI. Was it quiet? No. But it was much more crowded the other days I went over my trip than it was on an EMH day.
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