أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
Yeah definitely it affects ranking and also our time.
Yes, is the answer and definetely if you have it in large numbers.
Let me quote Google from the Webmaster Blog :
"We discourage the use of so-called "soft404s" because they can be a confusing experience for users and search engines. Instead of returning a404 response code for a non-existent URL, websites that serve "soft404s" return a200 response code. The content of the200 response is often the homepage of the site, or an error page."
Source : Google Webmaster Blog on Soft404