Well, sort of. The treated wastewater is released somewhere (ocean, river, evaporation ponds), evaporates, returns in the form of precipitation, lands in a body of water (lake, river, reservoir, groundwater ), makes it way to a purification plant, is purified, and ends up in your tap.
If you have faith in the existing filtration and treatment processes you should have no issues. Rivers, lakes, and reservoirs contain all sorts of microorganisms and bacteria.