It depends on the design of the compressor. If the system uses a positive displacement system like a roots blower you will see a drop in boost for a given blower rpm because your cooling from the WI lowers the temperature enough to drop the pressure ----- but the actual mass flow will be the same or greater depending on where the WI occurs. Boost does not equal air flow.
Same goes with some turbos. If the turbo is at max volume flow WI will drop your max boost but you still will be moving the max flow the turbo can create. If you are using pre-comressor injection on a turbo that is maxed out you will increase the actual mass flow by a few percent.
If the system uses a turbo that has plenty of capacity the WI should not effect the peak boost much unless you are running way too much water and cooling the exhaust so much that the turbo looses drive to the turbine.
Short answer yes there are circumstances where WI would reduce boost, that does not necessarily mean total air flow dropped though.
Larry
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