Yes, it will. I've only gotten mine up to 20 minutes before, but I have heard others extending their punishment. I understand why they do this, but when I join a game that drops to a crawl from lag and a match that is 2 minutes lasts 10, I'm going to bail.
Most people avoid this by two stocking themselves on 1 vs 1 or SD'ing 5 times without anyone tapping you. This will automatically kick you out of the game without penalty. Although I have gotten a 1 minute ban from doing that. And usually by the time you SD yourself 5 times the match is already over due to how laggy it is.
I'd avoid bailing games for kicks and giggles and only use it when it's absolutely necessary like a super laggy game on free for all or team. Just two stock yourself on 1 vs 1. You can also be reported and or sent to Smash Hell, so watch out for that to.