while the obvious answer is yes, this is my experience so far
3 weeks in to tbol/sus
cals reduced to 2000-2500 per day, i burn up to 4100
protein around 200g/day
training for 2-3 hours 4 days/wk, TRAINING HARD, trust me I dont pussyfoot around when im at the gym
lost good amounts of fat so far, ive lost about 5-6 lbs. ive lost around an inch off the waist. Ive added 1/4" or a little more to my arms. Gotten ALOT stronger in just 3 weeks. Clearly the results speak for themselves, if you do it right the answer is NO, if not, YES you will.
and im on nolva and arimidex, so no bloat or "water strength" to speak of.