Hi David,
That would be true only if the algorithm is taking the coordinate system into account. Let's take a (almost) worst case scenario: WGS 1984 Web Mercator Auxiliary Sphere. It's not conformal nor equal area (and definitely not equidistant except along the equator), but the same issues will apply to other projected coordinate systems. The scale at a point is 1/cos(latitude), so a point at 40N has a scale distortion of 1.3 and an areal distortion of 1.7. Now let's talk about a point on the central meridian of a UTM zone. Point scale is 0.9996 and areal distortion of 0.9992. If the algorithm is not taking the coordinate system into account and is using 2D Cartesian calculations, you're going to get different answers.
We've been upgrading or modifying some algorithms to take the coordinate system into account like the Measure Tool and the Buffer Tool, but many algorithms used by different tools are still 2D Cartesian.
Melita