No.
This teaching doesn't change much really, that's why most JW's will just accept it.
All it is claiming is that the "faithful and discreet slave" was a last days arrangement.
One can read more into it, but it is really only a technicality as far as the Organization goes.
They aren't claiming that God's spirit wasn't active or that there weren't anointed ones throughout the centuries ... as they still consider CT Russell an anointed servant, just not part of the FDS as the FDS ARRANGEMENT began after Jesus was enthroned in 1914 and was cleansed from Babylon the Great to go forward as God's Organization in 1919 ... as far as I can tell ... the wheat (true Christians) and the weeds (not the real thing) were still growing together since after the exit of the apostles.
What they've done is relieved themselves of having to identify a F&DS class that existed between the first and twentieth centuries and have reduced the impact of CT Russell's false propecies as he wasn't the slave yet, just an anointed Christian who was sincere.