No!!! it can actually improve impact forces by altering your stride pattern.

There are lots of research articles looking at kinetics, joint mechanics and joint loading while on a treadmill compared to normal running pattern. When on the treadmill, the researchers found significant increases in stride cadence (steps per minute), shortening of stride length, and a shorter stride duration for all participants.

A shorter stride length and increased cadence, has been shown to reduce the impact force to the ankles and knees, and better disperse the impact across the joints; this reduces the stress on the anterior portion of the knees.