No. The glitch has to deal with respawning. What Destiny does is it uses ratios to determine how much ammo out of the total ammo is available. What would happen is it would implement the ratio before adding the bonuses that are applied by armor. So for example, let's say you have a piece of armor on that gives you 2 extra shots. If you now have 7 shots max on a rocket launcher, then you have X/7 shots available where X is the amount of shots you have. Destiny would put that ratio into your respawn before applying the +2 shot bonus. This causes the game to multiply X/7 by 5 instead of 7 which results in less ammo.