Yeah, most of the time. But, you tend to disconnect the leash from the board and re-attach to the kite after the water relaunch, not before. So at launch, things might go wrong.

If something goes really wrong during the water relaunch (deep water) you now possibly have a wild kite dragging you with a board "chasing you" and no kite leash.
Given enough time, anything can happen.
I actually launched my board (by the leash) up with my kite once.