Matthew,
Be careful using this technique to run subVIs. It is usually only used for very specific needs, such as recursion and dynamic VIs (Sub VIs in a large project that are updated or changed.)
To answer your question: no. The reference node requires the output of the subVI to be passed, which means any code conneted to it must wait for the output.
My suggestion is to reconsider this method and instead use either a direct subVI call, or the VI server.