Yes. Matte and satin overlaminates will drastically reduce the reflectivity.
Reflective films work by returning a specified amount of light back to the observer, and a perfectly gloss surface will reflect 100% of the light. However, satin and matte finishes are achieved by creating microscopic texture on the surface of the film to reduce the amount of reflection.
Referencing the gloss standards in the paint industry, in average, a matte finish (also known as flat) will only reflect up to 10%, while satin finished (sometimes referred to as egg shell, velvet, or pearl) will reflect 10-35% of the light.
So the reflectivity will not be totally removed but expect a reduction of 60-90% of reflectivity.