Yes and no. It's something I'm sure they are keeping a very close eye on, as it is both good and bad for them. Bad, of course, because it is keeping some people out of their rooms, but they cut back on both Polynesian and Wilderness Lodge to make those rooms, so it is a wash in those areas.
The good for them may outweigh the bad. When we rented DVC points, we had to buy our own tickets. We also dined out about once every other night, if not more. Now that we are owners, we just use our discounted annual passes, and dine out much less frequently. In planning our summer trip, I made only one ADR, and that was for an anniversary dinner.
Disney I'm sure has much more data on this than my simple anecdotal examples, but I would not be surprised to see that it actually benefits them to have people renting DVC points than it hurts them.
This is also a much bigger issue than what just DVC management is worried about. As long as dues are paid and renters don't damage the room any more than owners would, it wouldn't make a difference to them who stays there. It would make a big difference to Disney Parks as a whole, though.