Not nearly so much as chlorine, but yes, it will (more-so the abrasive factor than anything else). Machine wash cold and no dryer helps immensely though (same applies to everything with elastic. So if you're also tired of your underwear bands giving out so quickly, stop putting them in the wash with hot water/drying them with hot air). For that matter, there's little benefit to doing any of your laundry with hot water... all it's going to do is wear your clothes out quicker (especially dark stuff), set-in stains and also increase your utility bills that much more. Cold water, or even just warm, does more than fine for just about everything. Only time I use hot is for bath linens (only stuff that really needs the slightly extra germ-killing factor IMHO).
Old 974 I'd used a few times for the pool still works OK, but nowhere near how it had before. But then, it is now around 7 years old too. Works well enough (and I wear a black polyester shirt over it) but I certainly wouldn't be donning it for any other use anymore.