I don't know. They do affect our THC intake, and we know as a fact that we develop tolerance to cannabinoids. Probably it happens the same with terpenes. Anyway I find their effect is very difficult to isolate. Does it mean we need more and more terpenes to "feel" the weed?
Or is it maybe like all in life?. Do we develop tolerance to extreme sports? Love? Hard feelings? I believe we don't, we just learn to cop with them.