Should not change color BUT, what can happen with reducer in it there is more of a chance in storage of kicking pigment out of suspension, so if that should happen it can spray dirty no matter how much you strain it.
If a minor pigment separation, it will spray clean but some colors will be affected and some wont, take a real black black and assume the carbon grind is .05 to 2 micron, if some of these carbons clump to a 8 or say 10 micron by carbon bonding together, paint can spray clean but could turn gray or brown shade, perhaps.
Most colors of the older years, most likely won't have an effect but just depends on formulation, NEVER smart to store long therm with reduced paint poured back in can. OR save the reduced paint in another can and mark it.