If both keywords and both ads are in the same adgroup then yes. If the 2 keywords are very related, eg "buy blue widget" and "buy blue widgets" then it probably wouldn't matter.
If the 2 keywords are quite different, eg "cheap blue widgets" and "blue widgets on sale" then you'd probably want to put them in different adgroups and write an 2 ads for each group tailored to the keyword.
Cheers,
jon
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