no. it draws out moisture which give the meat a richer taste. remember, they don't dry age steaks, they dry age the roast, then the outside become inedible so they trim a bit off the ends then slice it into steaks so you don't actually eat the spoiled part.
There are some steak houses that prefer a wet aging like Peter Luger's.
Ah, okay cool... that makes sense.
Why don't small steaks spoil though?