well, kinda sorta...but not exactly....
If you use dehydrated minced garlic in a sauce, there will still be some pulpy-ness/grainy-ness after the garlic has rehydrated. Even if the sauce is further blenderized the snot out of it using a home blender, there will probably be some graininess from the dried MINCED garlic, and likewise from minced peppers if used the same way.
If garlic POWDER is used...as in the commercially available garlic powder that has the consistency of talcum powder...the consistency of the sauce would be smooth from the start. No grainy-ness or gritty-ness, since the original garlic(or chile) powder is much finer than the minced garlic/pepper.
IMHO, if the dried chiles are completely dried and pulverized into a soft, talcum-like powder, the sauce will have a smooth texture. If the dried chiles are blitzed a few times in a coffee grinder or such, and the pepper powder has some chunks in it, then the sauce will have some texture to it that may or may not be desirable.
Achieving a totally smooth pepper powder is not the norm when using the cost effective coffee grinders and such. Most powders prepared with said coffee grinders have some chunks. They may make a powder that is more ground up than the red pepper flakes at the pizza joint, but it won't be as finely ground as the consistency of commercial garlic powder or commercially prepared pepper powders right out of the gate.
Which is why I think it is kind of comparing apples to oranges.
A really fine powder can be achieved by sifting the pepper grinds and re-grinding the big bits until the finest powder is sifted off. This may help to achieve a smooth sauce with homemade pepper powders. And there are some really good quality spice mills/grinders available for $60-100 that will make a really fine powder product.
Going back to the OP- the flavor wouldn't change from how you are processing them, the texture/mouth feel/viscosity of the sauce may change.
Maybe try rough chopping the dry chiles, cooking them in your sauce as you already are, and then using a food mill to remove the unwanted pulp and seeds. That brings the sauce to a smooth texture, doesn't effect the flavor of the sauce.
Have Fun!
SL