They do; eat right into the heartwood (cambium) and interrupt water/nutrient supplies from the root system. You can see the sawdust piles below the bore holes from their destruction, and usually by then, the real damage is done to a tree’s guts.
Carpenter ants also weaken the tree’s structure, causing branch and limb failures, and can essentially hollow-out a trunk over time. When I was cleaning-up Dad’s and his neighbors’ yards after the storms last week, many of the older Oaks, Elms, Sycamores, Pears and Maples dropped a lot of debris which showed clear signs of carpenter ant damage, plus some dry-rot areas.
If the Jap Bloodgood Maple (Acer palmatum ‘Bloodgood’) is the same one you showed me pics of last fall, behind the patio, it is worth spending some serious money on to preserve it.
Just watch out for all the extra ‘programs’ the arborist might (good ones will identify a specific problem and a remedy) try to up-sell you to. The commissions can be lucrative, so if you’re not sure, feel free to run them by me to help you evaluate the worthiness. I’d also need pics of the problem and a scan copy of his report, if possible.
I can give you my personal email so you don’t have to run the docs thru FR, if you prefer. Glad to help out.