It would, otherwise what is there to create the shadow?
What he may be seeing is the shadow while the primary return from the fish is still far enough away to be over the bottom. It’s there but he may not be able to see it yet until it gets close enough that it is now in the water column and easier to see.
The 455kHz Humminbird Si sonar should be showing the entire school as it covers 180 degrees (unless it is being physically blocked), I don’t know what the other brand covers.

