Not necessarily! Many think that it is essential to have your towing equipment level to chassis and go great lengths to try to achieve this.
There is a wide range for both the towball and towing couplings making this near on impossible to achieve. The specifications promote a tendency towards a slightly nose down of the trailer with the range of the trailer being up to 35mm higher than the range of the height of the towball.
However your towing equipment should be somewhat level taking in to consideration the statement above to improve your driving stability, braking performance, ground clearance and to prevent any unwanted movement.