As I understand it, yes it will affect depth, incrementally with increased filtering. That's why I was suggesting doing what you could to increase depth through Reactivity and Sens, then increase silencer, which would allow you to filter iron, but accept desirable conductors. Another way to differentiate between deep iron and deep desirable targets is to first have as solid a hit as possible on it with solid settings (react/sens/silencer), then change frequencies to see how the signal changes. While not 100% foolproof, it does provide mostly reliable results. The best filter however is to dig the target to validate your settings. Over time you'll learn what to dig and what not to dig.