There does seem to be an effect on blood sugar levels, but apparently not in a simple way because studies struggle to get consistent results. It seems like it lowers it a little bit, atleast at first, but many people spend far more time with excess sugar levels, possibly due to eating in response.

Anecdotally it always seemed to me that it didn't make you that hungry straight out, but it did depress the feeling of satiation after eating so it is much easier to binge on food once you start eating something.