No, the study keyword does absolutely nothing except return an appropriate boolean for backwards compatibilty. In particular, it is not building up any tables. Here is the C source code for pp_study() in 5.18.0:

PP(pp_study)
{
    dVAR; dSP; dPOPss;
    STRLEN len;

    (void)SvPV(sv, len);
    if (len == 0 || len > I32_MAX || !SvPOK(sv) || SvUTF8(sv) || SvVAL
+ID(sv)) {
    /* Historically, study was skipped in these cases. */
    RETPUSHNO;
    }

    /* Make study a no-op. It's no longer useful and its existence
       complicates matters elsewhere. */
    RETPUSHYES;
}
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Dave.