Yes and then if you leave the hitch installed, you run the risk of getting said grease all over you when working behind the truck. What I used to do is place a bright green tennis ball (with it partially cut out) over the ball. It served two purposes... 1st it kept you from getting grease all over your legs and 2nd, it was easy to see so you didn't accidentally walk into it.
Mike, Sue, Sissy and Little Man
2015 Ford F350 Lariat FX4 6.7 CC DRW
2015 Eagle Premier 351RSTS