At a particular location along a coastline, the total water level is determined by four main factors: (1) wind and pressure induced sea level rise or fall (i.e., the storm surge consisting of currents, waves, and sea level slopes); (2) the astronomical tides; (3) the annual steric adjustment of the ocean basins; and (4) fresh water input derived from precipitation, land runoff and river/estuary discharge. The sum of (1) and (2) is usually referred to as the storm tide.

So yes, the total water level will be less at low tide.