Yes
That was easy.
Ok, long answer- with open headphones, the ambient noise will pour in almost as much as if you didn't have anything on your years. So somewhere like the bus, your ears will hear about ~1/2 music and ~1/2 noise. In terms of sound quality, that is atrocious and something that can be beat by 2$ ibuds in a quiet room, defeating any sound quality advantage that may be had by buying a good headphone. Trying to drown out noise with volume could damage your hearing, which would limit the advantages of good audio gear for the rest of your life.
Only heard Ultrasone Edition 8, which are freaking amazing, but can't comment on any other models..