I would be VERY surprised if that was the case. The shader version is not related to winamp anyway, but to milkdrop.
The version required by any preset is stored in the .milk file:
PSVERSION=3
PSVERSION_WARP=3
PSVERSION_COMP=3
This is an internal number and not necessarily identical to what your video driver might tell you. Nevermind, do not set this to 4, or otherwise your preset will crash on many video cards. The difference between 4 and 3 is, I believe, that 4 can generate code with up to 1024 GPU instructions, while 3 does only 512.
Hi fumbling
sorry I overlooked your last post.
The answer to your question is, to my knowledge: no.
Certainly each step in shader "model" introduces new and more powerful features, and games are using this. Milkdrop however has not been updated in ages, and the only improvement introduced with the support of "4" is 1024 rather than 512 machine instructions.
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