[eluser]TheJim[/eluser]
Yes, include_related won't pull in has_many relationships. However, there are other ways to consider setting it up if looping over your main result and querying related objects slows you down with more queries than you'd like. It depends on on your circumstances, but you could go the other direction: run the query on your has_many object and use include_related for your main has_one. Or you could run separate queries and from the has_many side, include only your has_one's ID to relate to an already-loaded record. It really all depends on your data and how many queries will be involved in loading a typical page.
So, the short answer is yes, but consider alternatives if necessary.