I think what you're talking about is the crank angle sensor, although in this case its actually a cam angle sensor. It doesn't change the cam timing, it just tells the computer where abouts in the cycle the engine is, so that it knows when to inject fuel, fire the spark plugs etc.
As it runs off one of the cam wheels (the exhaust from memory) if you put the adjustable cam gears on and play with the timing, then yes you will most likely stuff up the reference point for this and have to reset it. Also if you adjust the cam timing the computer may need retuning, although a small change may not necessitate this.
Changing the cam timing on an otherwise stock NA motor probably isn't going to gain you a whole lot though, and will probably cause you more headaches with re-timing and tuning than any benefit you'll see. Turbo motors on the other hand can respond more to cam timing changes.
Having said that though, you could always have a play with it to see what effect it does have. Make sure you know what you're doing with the cam timing though or you'll end up with a bucket of bent valves.
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