Yes they do, but the effect hasn't been uniform across clubs. In particular, the newer clubs have considerably higher correlations between average votes per match and winning percentages across home-and-away seasons (excluding those seasons in which the 3-2-1 system of voting was not in place).
Brisbane Bears/Lions: 0.97
West Coast: 0.96
Adelaide: 0.95
Port Adelaide: 0.92
Fremantle: 0.91
St. Kilda: 0.81
Hawthorn: 0.78
Richmond: 0.75
Bulldogs: 0.74
Geelong: 0.73
Carlton: 0.73
Essendon: 0.73
Sydney: 0.72
North Melbourne: 0.67
Melbourne: 0.66
Collingwood: 0.61
Fitzroy: 0.59
The likely explanation for this is that votes have become more highly correlated with wins over time.
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