What kind of nutrients are you referring to? Various compounds and elements might be considered as nutrients for plants, or nutrients for bacteria, or nutrients actually intended for utilization by the fish (assuming they eat the food).
But I think it's pretty evident that food left uneaten in the water will be releasing all three categories into the water, both by breaking down and also by simple leaching of water-soluble compounds into the water. Flake foods break down quickly, and any soluble compounds they contain will dissolve quickly since the wafers are so thin. And if you doubt that this kind of stuff is getting into your water, just thaw out a chunk of frozen brine shrimp, bloodworms or any other frozen food in a glass of water before adding it to your tank. The solid particles settle quickly, leaving a fairly disgusting broth which will be dispersed into your tank if you feed your fish by the common expedient of just tossing a frozen cube or chunk into the tank. When the food is frozen, cell membranes are ruptured by expanding ice crystals; upon thawing, all that juice is released into the water, no longer accessible to the fish but nevertheless in your water. It's loaded with nutrients, all right...but it's about as beneficial as just peeing into your aquarium.