It might.
A custodial wallet is an account. You have the coins under your name and you have a deposit address. But it's in the custodian's wallet and they can use the coins as the please (and they will probably do!) and as long as the amount under your name is correct you have nothing to worry about; when you'll withdraw or make transactions you may use funds from the expected address or (most probably) other addresses from the same wallet.
So if the money is "missing" from a custodial service and you show a transfer from your deposit address it may easily be other user's (from the same platform) legitimate withdrawal/transfer.

On the other hand, if your custodial account shows as your withdrawal a tx you don't recognize, then you're good.


Of course, it's simpler from your non-custodial wallet. Then we know that the start tx is correct and that has to be followed/checked.