Short answer is 'no', but I think there are probably many different ways to answer your question. Using my situation as an example, I have an iTunes Match subscription with all of my library in the iTunes cloud. I have physical copies on my Windows pc and iPhone, but not on my MacBook Pro or iPad. However, I still have access to stream my library on Mac and iPad. I would guess that it's the same situation for an Apple Music subscription. Or music that you have purchased from iTunes.