No.
The caricatures you see in a newspaper, of politicians or famous people are often mocking. But the ones drawn live at a party or wedding are usually not. Most live caricature artists that I know of (in Ireland) try to do flattering pictures. We want people to enjoy the event, and we want to get recommended and booked again. So ideally I would try to give every guest a drawing they will like.
A good artist will develop an instinct for spotting the type of person who might be self-conscious. And in that case will just do them a fun cartoon. It may not even be the greatest likeness ever, but will please the sitter. This keeps things moving, and then it’s on to the next person who will more than likely be up for a laugh (most are).
The vast majority of guests love getting their drawing done. Plenty of people report back afterwards that they got their caricature framed.
At the very least it’s a novelty act they don’t see very often. Get pic - roar laughing - move on with their night.
And some people will be pleasantly surprised. They say “Oh thanks for not drawing my big nose!”. Fact is they probably didn’t even have a big nose. We are all very self-critical about our own faces.
A caricature drawn live is a unique item to take home and treasure
And the odd guest who says he didn’t like his drawing can usually be spotted taking it home at the end of the night. It grows on them.
Some artists are better than others of course, and they draw in different styles. You should look at samples before booking. Look around and there will certainly be someone to your taste.
(You can see examples of my work on this page and elsewhere on the site)