No, but a function which returns Y | Null can be replaced with a function which returns Y without changing code on the call site.
Imagine I always used to give you a nail (Y) or nothing (Null), and you can handle both receiving a nail and receiving nothing. Then I can, at any time, change my behavior to giving you nails only. Because you can already handle nails, and the fact that I now never give you nothing doesn't bother you. You just perform a (now useless) check of whether you have received a nail or nothing.