Yes, or 0 volt when the Arduino is off.
Then max pin voltage is 0.3volt, and the zener does nothing.
Now it also is a voltage divider, reducing gate drive voltage about 2%.
You don't have that if the resistor is on the other side.
Read this.
It dumps over-voltage on the supply of the Arduino.
Pin can never be more than 0.3volt higher than the supply, whatever supply voltage is.
Google "clamping diode" (images).
Leo..