How wise of you to ask.
Yes, there is a huge difference! While some makeup you might find in your local drugstore could be used for photography purposes, many products marketed to consumers as opposed to professional artists contain ingredients that are not compatible with photography, such as sunscreen that may show up as white blotches on the face. Professional makeup tends to be more highly pigmented, formulated to disappear into the skin with proper application, and will not reflect in flash photography. While an experienced artist may be able to achieve decent results with consumer makeup, it is always going to be a better result with professional products imho, especially when you are talking about skin products.
This does not, however, mean spending more money. Pro products are not necessarily more expensive than drugstore makeup. In fact, when you price things out per gram/ounce and take industry discounts into consideration, the opposite is usually true.