No. It only changes the time untill the camera turns of the flash. The exposure from ambient light is influenced by your setting on the lens. You can change the ratio between both by changing exposure-time. Longer exposure-time, more ambient light in picture.
I wouldn't choose the word "interfere". It WILL affect exposure - see "fill ratio" - and aperture and shutter speed settings are not relevant. The sensor within the camera body will shut the flash off when the desired amount of light is reflected from the film in exposure - no matter what the shutter speed/ aperture.