Yes. If I die, refresh, or game crashes, inventory is emptied regardless of saves. Playing on iOS browser, so it crashes about every 4-5 game days. However, at one point, the wood I collected was not showing up in inventory, but my storage count went from 1/5 to 2/5. After hitting “sort”, the wood appeared in my inventory and I was able to sell it. When collecting wood for the town, there was no wood in inventory, but I was still able to hand over the amount of wood I had collected. I don’t remember if that one was after a crash or not.
Side note, the bag still counts filled storage spaces even if the items do not show up in inventory. On one attempt, my bag showed 5/5 and I wasn’t allowed to buy a new item, but there were no items in inventory and nothing could be equipped.