Yes, it's very likely. You could test that theory by un-capping it.
You might smell gas (which isn't a good thing, but it's good proof!) but it would tell you if it's enough to stop the pressure buildup.
One of the hoses is a vent and one is a return for liquid that condenses to go back to the gas tank, but the system has to ultimately be open somewhere for the pressure to release. And that would normally be the charcoal canister.
This is a perfect time to update the system to the more modern plastic tank as used on the '76 and later Broncos mounted up high on the firewall. Once that is installed then any time you decide to get rid of the condensing tank in the cabin you can do that. Whether it's due to a leak (which happens fairly often), or you want to repurpose that part of the interior for something else, or you just want to get rid of any gasoline inside the cabin, you can then take it out of the equation and run the hoses directly to the high-mounted charcoal canister.
But if your tank is not leaking at this point and you don't want to do the extra plumbing, just connect the new canister and you're done.
You've probably seen some of the discussions on how to do it. The good news is that the later style is still available brand new or can be gotten from the junkyard. Or if you have the old one and only need to bolt it on and go, that's still a viable alternative. Lots of '70-'75 Broncos still running around with their original canisters in working order.
paul