By fully extended do you mean towards the nut or towards the bridge? What kind of bridge is it? Can you take a picture of it and post it?
The technical answer is 'yes', when you adjust action it affects your intonation. This is because your adjustment in made in a linear plane relative to the nut. If it were adjusted up or down in a corresponding arc to the nut then no change would occur. However, most such action adjustment are minimal enough that it's not that noticable. Sometimes I adjust for action first then intonate, sometimes the other way around.
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