Yes and no. The more obvious you make it that you have a security system, the better deterrent it is. How ever, neighborhood kids, if they think they aren't being seen, will vandalize security equipment.
Lets say you want exterior security cameras. You should have camaras that are easily seen on the front, back, and sides of the property, but if you have the money it is also a good idea to have hidden cameras too. For example, in the middle of the front of the property, an easily seen camera, a hidden camera watching that camera, and another camera watching what the visible camera watches but from a different angle. This way, when the visible camera isn't a deterrent, you can record people trying to vandalize or steal the camera, and also if that camera has a blind spot and you have a hidden camera watching the blind spot, you can get footage to give to the police.
If you have the money, you should have hidden security features that will keep working when the visible features are intentionally damaged or disabled.
I worked at a business next to a residential area, and kids from the neighborhood very carefully, over a 45 minute period, destroyed all the visible cameras without being recorded by any of them, using rocks and sticks, but our hidden cameras caught them doing the damage. Using print outs from the HD footage the police were able to get the names of some of the kids by knocking on just 5 doors in the neighborhood. Once they showed the recordings to the kids, they got the names of all the kids.