Like most everything in fly angling, it depends...
... on the situation.
But generally, I would agree that ripping a fly line off the water will likely put down some, if not all, the fish in the immediate area. The softer the water, the more likely that will happen, the rougher the water, the less likely.
Regardless of the situation, I do take care to not make any more commotion with the fly line than is absolutely necessary, and consistently let it drift downstream as far as possible, including letting it swing in below my position, before starting to lift it. I'd rather have fewer casts over the course of the day, and probably increase the prospects of catching some fishies by taking a bit more time between casts.
I have seen people pick up a fly, ripping the line off the water, and cast back immediately to the same spot, or very close to it. That usually makes me cringe and laugh at the same time. Can't say I have observed that often enough or closely enough to figure out if it makes a difference in the catching department for them, but I do think they are stacking the deck against themselves.
John
The fish are always right.