Not exactly. I owned and used both the SP4 and the mouse for about a month before disabling connected standby. During that first month, my SP4 would go to sleep without any problems.
The SP4's horrible reliability record with connected standby's (including MS's many firmware iterations in an attempt to resolve various user problems) is by far the more likely culprit than a simple little popular wireless travel mouse. If mouse polling is prohibiting my SP4 from going into connected standby (as Jeff postulates), it seems to me that the mouse is doing exactly what it's supposed to do, but connected standby is not doing what it's supposed to.