Unfortunately, I think it can. I own an HP Pavilion laptop which I bought in January this year. I also use it between 8-10 hours a day while it's constantly plugged in. I stumbled upon a page on the HP website where they provide a tool to check battery health and capacity. Mine was at 78% when I checked.

It's quite naturally that the battery performance decreases over time, and one of the reason is being constantly charged. Perhaps you should check your laptop vendor’s website for similar battery monitoring software to check your battery status.