not from my experience, you always get ground lag animationWTF? Short hop fair auto cancels. Just approach with that and land with tilts or a jab.
main reason i tend to stay grounded really
edit: i tested it and i was wrong, it's because i only tend to do fairs when i know they'll hit, so yeah the real reason not to Fair is because of what gimpy said
edir2: short hop fairs (that auto cancel) can't even hit a BOWSER THAT'S RIGHT OUt OF FTILT RANGE. For it to hit you have to wait a half a sec which makes it have ground lag