Yes it does...assigned frequency bands dont travel through walls very well...thats why they need to be close...i.e.telephone polls with an antenna on roof
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If you deploy 5G on 850MHz, like Verizon is planning in my area, that is the same frequencies as the original AMPS cellular service. The new frequencies you refer to, which will offer the best theoretical throughput, do not go through walls well. That doesn't mean 5G won't be on a variety of legacy frequencies as well as 600Mhz spectrum T-Mobile owns and plans to use for 5G (with admittedly slower data rates than the mm-wave spectrum.