No, it does not, but simply turning it on in the menu before starting a session doesn't actually give you infinite ammo. You have to buy the skill for it first, which only becomes available after you beat the game.
Hell No Have that infinity ammo locked and loaded. I only have the mag right now, im trying to upgrade everything grrrrrr. I like having agent hunt on and when someone joins just let them eat your mag hehehePlus every player you kill in Agent Mode drops First Aids just like the bosses did on Resident Evil 5 on mercs and vs xd.....ENJOY!!!!!!