Maybe? The fear of clowns is often rooted in the uncanny. The obscuring makeup of clowns makes their emotions and expressions either so overly exaggerated or difficult/impossible to read which messes with the lizard brain and makes them seem to some people, particularly ones who have issues with reading facial cues, as inhuman. It’s sort of the same principle that freaks people out about dolls and mannequins. That almost but decidedly not quite human alarm.

Drag makeup generally serves the opposite purpose. It is exaggerated but in such a way as to be easier to read the performer’s face at a distance.