text styles

All depends

But yes

If you have an original drawing set with text  (Let us say 1' tall

And the other two drawing reference your file and different scales

And you have scale off then they will come it at different sizes

If one is referenced with ref scale on and one is with scale off then yes

You can also have two different "Drawing Models"  which are truly annotation drawings

One uses one scale and the other another.  Then this can be even more flexible.  (preferred)  When referenced onto your sheet.