Yes, the results are reviewed and rated by each product owner, and sometimes by the BetaTesting team. If you provide high quality feedback, it is more likely that you will have a higher rating and therefore be invited to participate in more tests.
These scores are not public but they do impact the number of invites you receive. Some things that can help your score include:
Submitting detailed bug reports with all fields filled out and screenshots or videos attached
Following up to messages from a test admin
Submitting multiple sentences to text based questions
Meeting deadlines for tasks and surveys
Applying to tests when you are invited and being paid out for full participation