Sometimes they might, but not always.
The difference might be whether they appear to be arranged reciprocals or natural reciprocals.
The difference between the two types might include the time span between when a link is placed on site A link to site B and when the recpricating link on site B appears.
If the time span is short it might be a sign of a manipulative deal. But it might not be, so other factors would have to be considered.
I don't think it would be too hard to make a fairly credible argument that reciprocal linking is one of the most natural form of linking.
The question is, are they natural links or manipulatibe links.