No. System Restore and Previous Versions work independently of each other. While they both leverage the same Volume Snapshot (VSS) technology to achieve their functionality, reverting a system's state to a prior Restore Point does not remove any snapshots (a.k.a. Shadow Copies, a.k.a. Previous Versions) that may be available for the volume.
One possible exception would be if you are low on disk space or if the shadow copy storage space allocated for Previous Versions is near it's limit. While I haven't witnessed this, it's possible that running a System Restore operation could temporarily consume enough disk space to trigger deletion of one or more of the shadow copies used to store the Previous Versions. When in doubt, always have backups of important files before attempting operations that could lead to data loss.
That said, you may be over-estimating the finality of a System Restore operation. They only affect files deemed part of the system's "configuration" (e.g. the Registry, contents of critical system folders and program files, etc.) but leave all other files unchanged. Further, they are completely reversible; you can actually undo a restore operation and return the system to the original (chronologically most recent) configuration as easily as you can revert to an older restore point.