Even if it doesn't I feel like it does. I've not had to put on more than a spring suit short sleeve but I wear a long sleeve rashy all year.
I have found that it does not help keep warmer and if also just bunches up too. I have tried different variations throughout the years... polypro may be the only thing that helped but I’m still not sold on it. Especially with newer wetsuite that has the fuzzy lining
I stopped wearing a rash guard under my wetsuite because the new suites don't rash me up much anymore. I don't feel colder or warmer without it. But they do help the suite slip on and off easier.
2nd time hearing this this week. Having so much trouble pulling the winter rubber sleeve past my left elbow (Chest zip). I'm going to have to give it a shot. To the OP, I don't think a regular rash guard does anything warmer or colder. Until you peel off the suit and the wet rash guard meets the cold air. If you are looking for warmth. I use the flashbomb hooded vest under my 3/2. It is an extra layer at your chest and back that works. Even if it's not exactly hood time, when you get a little chilly you can pull it up keep some of your body heat from escaping. I use lycra shorts under suits and the vest has a tie so you can tie them together to prevent bunching. On my island today the air and water are in the 50's with little wind and the sun out. At mid day and if there was a little wave that is what I'd have on with 5 mil boots and 3 mil gloves.
Same here in North Jerz. And the easier your suite slips on and off... the less stress you put on your seams pulling and tugging... the longer it will last. True fact!