No, image to base64 conversion itself does not reduce image quality. It simply changes the way the image's binary data is represented by encoding it as text. The original visual information remains intact during the conversion. However, the Base64 representation can be larger than the original image file. If you need a smaller file, compression or resizing should be performed separately. It is also a good practice to keep the original image so you can create other versions when needed.
https://toolflora.com/image-tools/image-to-base64/