Technically speaking, there is a minor offset for the team with less players. Its barely noticeable though.
Basically the short team will get extra credits. You will notice you will be able to afford higher cost loadouts.
It doesn't mean much though. Your team being able to afford better guns often won't make up for being down 1 or 2 players.
But if your team was already winning and are able to keep up the pressure you can starve out your opponents. You can be running around with phantoms, vandals, ops, and Odins with heavy shields while the best they can afford is the Spectre and light. Can make the difference.
But if they start winning, any advantage you might have had due to the compensation is completely lost.