I would contend that it does. The concept of common ancestry shows that we have a kinship with all other life on Earth, since our genes are also to be found in species that we, in our arrogant and ignorant anthropocentrism, might regard as being "lesser" animals. So this shows that the theist’s notion that we were specially and separately created by a benevolent deity is basically nonsense. Of course, the theist may still claim that evolution was simply God’s method of creation (though isn’t this itself a very problematic idea when you muse over it?), but common ancestry at least still demonstrates that we aren’t a separate and special species in the eyes of God.
But to me, evolution as a process simply has to signify that there was no benevolent creator at work. It is a process red in tooth and claw, after all. It is essentially goalless, and I find the idea that it was God’s method of creation very perturbing. In his infinite wisdom and omnipotence, He could have used a better, more humane method. Ergo, evolutionary theory demonstrates God’s non-existence.
People might say that they still "believe" against all the odds, but to me that’s like believing that Elvis is working at Wendy’s.