yep
Most nodes don't have return eq's (shouldn't need them but) therefore your sometimes stuck with a 2 to 4 dB tilt between 5 and 40 mHz. Check your raw return shot before you ref you'll see it.
If you reference at the node you will carry that tilt to all your actives.
If you go to first active and match telemetry, correct your tilt, then take a take reference your good to go.