Yes it will. Whether it's enough loss for you to notice is what you need to experiment with.
A typical 2-way splitter will reduce the incoming signal by 3dB on each leg. 3dB is about half of your signal strength. This assumes it's a passive device with no amplification to offset the loss of the split.
Depending on how strong the signals are that reach the receivers, you may not notice a difference. If you have some channels that are already borderline in terms of signal strength, you might lose some or all reception on those channels. An antenna with higher gain at those frequencies can help overcome the loss.
What might be more problematic is the interaction between receivers. If you're using a typical passive splitter that lacks isolation between the splits, then you may find that the scanning action of your scanner may cause interference with the broadcast on the weather radio.
A little experimentation is appropriate. Connect each receiver directly to the antenna without the splitter and monitor, noting what you can receive. Then put the splitter back in line, but only connect one device at a time. See if you can still hear all of the same channels without degradation. Then connect both receivers and power them both on simultaneously and determine if either interferes with the other.
Good luck.