Yes, it's faster. You only have to make one call to the database API, and it only has to parse the query once.
However, for ALTER TABLE
queries, performance usually isn't a concern. You shouldn't be doing this frequently, only when you redesign your schema.
But if your question were about UPDATE
queries, for instance, it would probably be significant. E.g. you should do:
UPDATE table
SET col1 = foo, col2 = bar
WHERE <condition>;
rather than
UPDATE table
SET col1 = foo
WHERE <condition>;
UPDATE table
SET col2 = bar
WHERE <condition>;