Actually the opposite, the water soluble substances might get lost. It's a bit technical but might help getting better extracts:
As seen in
#13, the apparatus has three major parts: flask, adapter and condenser from bottom to top. Initially all the solvent rests in the flask. When heat applied the solvent boils, turns into liquid in the condenser, and infuses the material in the adapter. Adding water to the ethanol in the flask doesn't influence much the solvent composition in the adapter, which is going to be an azeotrope, give or take. Once the solvent in the adapter, together with whatever it extracted, reaches certain level in will be drained back to the flask, which marks the end of a cycle. Once the last cycle is done, the solvent and anything it extracted lands in the flask. The next step is to remove the solvent and keep the extract. Most of the alcohol will evaporate easily, especially under vacuum, but at some point the water left behind will start to separate from the extract if it is not completely water soluble. At that point evaporation will start to leech the extracted material at an alarming rate, so the best idea is to simply dump the water phase together with whatever is solved in it. This leads to the loss of water soluble fraction of the extract.