From what I understand, No it doesnt.
I'm not an expert on it by any means...had actually never really heard of it til out gelding ended up with it at the beginning of the year. 80% of all horses will test positive for the disease simply because they have been exposed to it. That doesnt mean they will show symptoms of have what I call and "episode". I read in an article yesterday that its 1% of horses that have been exposed that show symptoms. It can be treated...the parasite killed and damage frozen...but it can't be cured and there is no reverse on the damage done. There is a 30% relapse rate on horses who have previously shown symptoms and been treated wit treatment being less effective the second...third or fourth....time around.
I have also read that it is becoming a much more common disease then it has been in the past.
My haflinger was diagnosed with EPM as a 4 year old. He was so bad he was falling down and at times couldn't get back up. After 8 months of rehab he was rideable again at a walk. Some trotting added at a year. Wouldn't even canter in the fields, let alone under saddle until a couple years ago and now he is cantering just fine under saddle. Heat used to really effect him and he would become stumbly again on really hot days. This year we are having several +100 degree days already and he is showing no symptoms what so ever. He is now 11 years old - so he has had slow continual improvements over the years.
As to being paranoid - once you have had a horse go through it you watch them and your other horses like hawks and may be more paranoid than other owners. But I don't think that is a bad thing.