Yes. Oh yes.
Lets say you give yourself 100,000 in W2 wages from your practice and 400,000 in shareholder distribution from a S corporation as pass through income (pass through income by the way is literally never used in the actual law).
The 100,000 of W2 wages you pass medicare, social security taxes on (7% ish) as a payroll tax. And you now get zero a SALT deduction.
The 400,000 then is treated as business profit and the first 23% you pay ZERO taxes on. 92,000 coming to you out of the box.
Then on the remaining 308,000 you are paying 25%. No payroll tax whatsoever. Meaning 77,000 in taxes.
That is an effective rate of 19.25% in this example. Combined with the around 25,000 paid for the 100,000 as W2 income you are paying a total of $102,000.
This is hugely different than the guy who is getting 500,000 as a wage employee. he will pay about $150,000, a difference of 40%.