Yes because you are sharing a reference to the same underlying object, assuming of course the item in the list is a class (or other reference type) and not a struct (value type).
Do note that you have two independent lists of references, but the references in these lists point to the same set of objects.
If you re-assign the entire instance in one list (as in list[0] = new MyClass()), the re-assignment will not occur in the other list, but I cannot envisage a use case for this anyway so it shouldn't be a concern.