Yes it does.
This only applies to weapons in hand or animated, not crusaders that have been endowed.
This is normally a problem due to fractal, since it would add up very quickly with a large number of creatures in play.
In this case, that shouldn't be as big of an issue since it is much trickier to get a large number of weapons in play at once.
Its part of why I limited the duration on the mass animate spell in the series.