I think it does. I don't think the lack of real life consequences "shows our true colors," someone who acts like a horrible person online I don't think is a horrible person in reality necessarily. We all have good qualities in us and we all have bad, and the facelessness of the internet just allows for the worst of our qualities to bloom and flourish if we let them.
I mean if you are a mean person who likes posting "Go eat a sandwich" on Fiona Apple's video for criminal, doing so will just bring out the meanness more.If there was no youtube, what would you do, go to her house and throw a brick with a letter attached threw her window? No, you'd just maybe think it. It would stay inside, not brought out. And your other less mean qualities would overshadow it. The internet is a device that allows for the worst to be brought out, it's not the only one in life either.