Does Lake Michigan affect the climate in Chicago?

Yes, because Lake Michigan has a big effect on Chicago because it takes water longer to change temperature, than air. So weeks into the winter, the warmer lake can change the cold and dry air above the nearby land to a nicer temperature . It takes water longer to change temperature than air. So weeks into the winter, the warmer (and naturally more moist) lake can interact with the cold and dry air above the nearby land. When the wind is out of some easterly direction the result is lake effect snow.