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I highly doubt it, it's a solid state sensor, pretty much just a far higher resolution capacitive touch surface compared to a normal touch screen.

Furthermore the 5S has been out for over a year already, haven't seen reports of touchID loosing sensitivity over time.

Found this discussion on the CMOS sensor used in Touch ID

CMOS scanners, Parziale explains, wear out over time and can scan only a limited number of fingers before they begin making mistakes. Every time you drop your phone, smudge it with finger grease, or touch it with a dirty thumb, you're decaying the surface of the scanner. "Unfortunately there is no existing solution to this," he writes. "Manufacturers can only try to make the fingerprint sensor last longer, but sooner or later that device will stop working properly."

Will Apple Touch ID Make Fingerprints Happen? -- NYMag

While Apple may have designed the CMOS sensor to last the average amount of times the user scan his finger to unlock, using this touch ID-home button jailbreak(if it activate the sensor itself, not only the ring) may cause the sensor to wear out prematurely and start rejecting correct fingerprint coz of minute inaccuracies