The short answer is yes, it will.  Unfortunately, abundant rainfall is not part of the recipe for vibrant fall color in WNC, simply because it prolongs the process.  Chlorophyll is supplied to the leaf a few days longer compared to normal, and the cork barrier struggles to form.  Typically during late October and early November we will have a strong line of storms move through WNC.  Winds gusting over 40mph blow off these leaves that have just begun the color changing process, and we never get to see them fully change.