No. The common teaching of Catholic theologians is that there is a "revival of merit" when a person comes back to God. When a person comes back to God, he implicitly reaffirms the prior life of holiness he had led, so his rewards for that life are restored.
In Infinita Dei Misericordia (1924), Pope Pius XI taught that penitents have "the fullness of the merits and the gifts which they lost through sin . . . restored and given back." Thomas Aquinas taught the same thing (Summa Theologiae 3a:89:5).