Yes, No, Maybe. Every part has a plus/minus allowable variation; we work to the middle of the allowable spec and hold sub-.001" specs every operation.
The good news is today's aftermarket pistons and connecting rods come out of the box ready to go. We always confirm, but they're within +/- two grams, rod big ends round and center-to-center length perfect, pistons all same diameter.
We measure piston diameters to tenths and then cylinder bore diameter to a specified tenths+ and finish all the holes to within .0005"; holding to more equal than that requires letting the cylinder block cool to ambient between each operation and would take all day to hone one block.
Same with connecting rod reconditioning. We measure and record the crankpin diameters, then finish the big end bores to a specified clearance, holding to within .0005" range.
Same with line honing crankshaft main bores; they should all be to spec and no more than .0005" variation.
One of the more important considerations is the balancing tolerances. The closer to zero the operator must work, the more time and the more it costs. As the saying goes, "Speed costs money; how fast can you afford to go?"
jack vines