Yes, they do. Depending on what the error says, they could indicate a major issue. Your output is not showing an example of an error though.
Those are not error messages, although the fact that they add those exclamation marks does make it seem like they are. Dracut just announces what it is adding or not adding to your initramfs as it goes. Basically dracut is letting you know it doesn’t look like you need that module, so it is skipping it when building the new image.
“[Foo] module isn’t getting added, because we checked for [Bar] package and didn’t find it!”
The output is useful if you are troubleshooting a dracut issue, but not really for much else. Normally I put it in the “quiet” mode @pebcak mentioned.
An error message will be announced differently, for example like this: Updated my system and got a bunch of errors
If you disable the full verbosity with the conflig flag above, you will still see error messages like this so you can still see if there is a problem when you are building the initramfs.