No, it doesn't. Personally, I never encountered any issues despite having a gap year after my graduation and this makes me eligible to answer your question in the most candid way. I provide the following arguments in my defence:

Don’t be a victim of herd mentality: Our stereotyped mindsets make us think that the interview panel is looking for a reason to reject a candidate, but it's actually the other way around - they try to get most out of an individual, and gauge if he's a suitable candidate for the offered programme. Having said that, you should trust the experienced brains sitting on the other side of table that one wouldn't be rejected solely because of an academic gap in his career, unless it's inexplicable!

Don't act self deprecatory: Quality work experience would have earned you some additional points, but not having the same doesn't put you to any major disadvantage. So, there's no need to be finicky about it.

Make your knowledge count: As far as I’ve observed, candidates with a knack for knowledge are always preferred to people with prior work experience but poor understanding. Knowing everything about your graduation will not be much to ask, will it be? How do you relate it with everyday life? How will it help you in your management career? Take pride in what you know, but never be complacent - interviews won't seem tough anymore.

Let me conclude it with a mushy quote:
“Believe in yourself. You are braver than you think, more talented than you know, and capable of more than you imagine” - Roy Bennett