Yes, in all caps. It's that important/scary.
Because Call of the Wild currently does 2 things.
1: it gives you +10% of your melee attack power, 100 yard range.
2: it gives you +10% of your ranged attack power, 20 yard range
So if you are more than 20 yards from your pet you will see the buff icon but you won't get the benefit of it.
It is likely that this bug has been in effect since 3.0.8, or maybe even before that.
(source)