Dd2 did but she was a sibling. Probably the most important thing to consider is how likely you are to get into the school based on distance criteria, and, if you know any parents at the school you could ask them for a guess about how many siblings there are there. Of course it will change, but parents often can guess whether there are loads of siblings, the school prob won't have/give this info.
If you live next door you would probably get in, if you live further away and there are loads of siblings compared to places available then you might find you need to change to a different school. If it concerns you that you might need to move for reception then look at the admissions criteria, talk to neighbours etc and think whether you have a realistic chance of getting a reception place.
The only way in which you might be more likely to get consistency is if you think your child might have need a statement of educational needs which states that they need consistency of provision and that the reception school is the best place for your child.
Having said that, situations do change, and the school may add a bulge class etc. I think if you do go there and you know that you may not get a place you need to make sure that you and your child are realistic when application time comes and you don't get too attached to that school as the only place to give a good education.
You can also ask the school how many places there are in nursery compared to reception, for example there used to be 52 nursery places, 30 reception places, add to that some siblings who go to full time nurseries due to parents work etc, people were disappointed.
Basically don't see it as a short cut to getting a reception place, but if you think you stand a good chance of getting in it might provide continuity. Having said that dd1 knew only one person when she started reception and settled really well although most had been in the nursery. Dd2 hated nursery, but loves reception, no one could quite work out why she hated it, but she does love structure and peace and quiet, so any preschool could have been a challenge. If she had been my first I might have reconsidered putting the school down, but now I am happy she is there. It does however give you some insight into the school, but you will find that going from preschool stage to reception may still be a shock to the system.