If you are listing profiles as such:
Ext.application({
profiles : [ 'Phone', 'Tablet' //etc ]
})
Then yes, Sencha Touch will load each of the profile classes and any dependencies listed in their requires blocks. It does this because the framework will look at each profile to determine which is "active" at any given time, and it's better to take the time to load dependencies at startup than randomly at runtime.
Now you could write some logic before running Ext.application() to manually load the necessary profile data... but that's going to be tricky in most cases.
In either case, you should be using Sencha Cmd to minify your code into a production build - so the memory footprint would be smaller and the application would load much faster.