Yes and no, with the majority of the time being yes. When you subscribe to a Twitch channel, you are banned from seeing the majority of the adverts on that channel. A streamer can opt to compel their subscribers to see advertising manually, although this is not a usual practise.
Twitch Turbo, in addition to ad filtering, offers a number of other advantages. You will receive a unique Turbo chat badge to display next to your name in any stream conversation, as well as access to an exclusive collection of new emotes and the ability to modify your name in stream chats.