Yes, and that VIC clock also drives the SID sound chip. So while the same code will play a song back "in tune" (relative pitch) on both a PAL and NTSC C64, it will be tuned lower (absolute pitch) on a PAL C64. Think of it like the concert pitch difference between A = 443 Hz (Germany -- common) and A = 430 Hz (Verdi tuning a.k.a. Schiller Institute -- uncommon).
To play the same absolute pitch on both a PAL and NTSC, code could use an alternate lookup table to map a note to different SID frequency register values for PAL or NTSC. In practice, I don't think this was done, but someone can correct me. What was, sometimes, done was skipping every 6th frame of a raster vblank music playback routine on an NTSC C64 (@ 60 Hz) to match the tempo (not pitch) of the same song played on a PAL C64 (@ 50 Hz).