Board Thread:Questions and Answers Forum/@comment-25407608-20140911073241/@comment-1593171-20140911080339

No, you still have all of the weapons you have acquired, and if they have advantages like faster reloads and the like, they still have those advantages. The difference is, the weapon damage is simply normalized so, for example, Legendary and Exotic weapons don't utterly dominate someone who only has a Khvostov 7G-02. However, this normalization doesn't occur in Iron Banner, so level does matter there.