Major, it depends on the razor and the grind. Just make sure the spine is on the strop. If you lift with a hollow ground razor you will hear more noise as the razor vibrates because the spine is not grounded. If you hear something different, you may have just convexed the bevel or rolled the edge on one side.

A quick check with a loupe will tell you, (one of the benefits of a lighted loupe). If the edge is not chipped or bent badly a few extra laps may straighten it out or break it off.

You will have to learn the sounds your razors make, it is when you hear something completely different, that should alarm you. Some linen on a hollow ground sounds like a chainsaw.

Keep the spine on the strop, slow down and you will be ok.