It reduces it only insofar as dividend yield is so low nowadays (2%ish) that if you can cover expenses at that level, you're way below the 4% SWR (approximately half). But if you saved that much, you'll be fine regardless of dividends--it has nothing to do with the dividends, and everything to do with the amount of savings.
If you reach for yield, overweight in higher paying dividend stocks (to get the dividend payouts on your portfolio 4% or higher), you're adding in other risk, but still not reducing sequence of returns risk (as the risk of dividends being cut when needed--and still having to sell low, continues to exist).