Yes, many. The structure (relative position of certain folders) changes but don't expect the media folder name to change automatically.
Presumably you know how to switch between libraries by holding down the shift key? If you are game try this:
Shift-start iTunes and create a library called iTunes Test in the root of your X: drive. Check under Edit > Preferences > Advanced that that media folder is called X:\iTunes Test\iTunes Media - there is an outside chance that it could be set to either X:\iTunes Test\iTunes Music or X:\iTunes\iTunes Music - change if necessary.
Copy a single music track into X:\iTunes Test\iTunes Media\Automatically Add to iTunes.
This track should be added to your library and moved into X:\iTunes Test\iTunes Media\Music\<Artist>\<Album>\## <Name>.<Ext>. If you look you will note that the option to "Reorganize files" is disabled since this library is in the current layout.
Close iTunes. Using Notepad or similar open the hidden file X:\iTunes Test\iTunes Media\.iTunes Preferences.plist and change the integer value from 1 to 0.
Under Edit > Preferences > Advanced turn "Keep..." off and press OK. Then turn it back on again. The track will move to X:\iTunes Test\iTunes Media\<Artist>\<Album>\## <Name>.<Ext> (one level higher in the folder tree).
Close iTunes. Rename X:\iTunes Test\iTunes Media as X:\iTunes Test\iTunes Music. Open iTunes. iTunes will automatically update the media folder to X:\iTunes Test\iTunes Music and be able to play the track.
You can now use File > Library > Organize Library > Reorganize files... to reimpose the modern layout. The track will move down one level, but the media folder name won't change.
Close iTunes, rename the folder X:\iTunes Test\iTunes Music back to X:\iTunes Test\iTunes Media and open iTunes. Again you should find that iTunes has automatically adjusted the media folder location and is able to play the track.
Please don't take my word for it but try it for yourself. BTW This test, which I just performed again, can be completed in much less time than it takes to type it up!
When switching between libraries it is worth knowing that each should recall the correct media folder but the options for Keep... and Copy... seem to belong to the user profile, so take care if you (by which I mean anyone reading this) have personally curated file and folder names and are experimenting.
tt2