No, it does not reduce severity, it only reduces occurrence (elimination of cause of failure). If the cause of failure is totally eliminated, then "the cause of failure is eliminated through preventive control" and occurrence = 1 if you are discussing an assembly containing a valve.
If a part requirement for a valve is to "flow xx cm3/sec",
potential failure modes are "flows < xx cm3/sec" or "does not flow any volume". The
effect of failure may be "torque gun cannot cannot meet torquing requirements." A potential
cause for both failure modes is "the valve is assembled backwards". Designing in a method so that it can only be assembled one way does not change the fact that it will not function (supply torque gun torquing effort) if it is assembled backward, it means that the
cause "assembled backwards" has been prevented (
Preventive Control). There is no reduction of severity because the
effect of failure has not changed. There may be other
causes which will make the valve "flow < xx cm3/sec" or "does not flow any volume" and they will have the same
effects of failure.
Do not mix DFMEA levels. Stay within the scope. the lower level DFMEA for the value component assembly itself, carries the Potential Failure mode "Assembles backward" which can have the failure mode eliminated by the design "one-way" change. The assembly of the valve in a higher level assembly cannot. The cause from the higher level DFMEA , "Assembles backward", becomes the failure mode at the valve component assembly level.
"Effects of Failure" only ranks the failure mode, it is not an actionable item.