I think so, if you go to this page and scroll down about half way, you'll see a photo with the depression outlined and if you follow the split between the upper and lower hull you'll get an idea of the shape of the waterline. I suppose it's something you either notice it or not.
http://www.shipmodels.info/mws_forum/viewtopic.php?f=59&t=59538&start=20
For me I'm with Manstein's revenge, the bow is very improtant especially on a ship like Scharnhorst. The bow needs to be sharp and smooth. Dragon managed it with Independence, Trumpeter managed it with Repulse, Tamiya managed it with Bismarck and KGV...