As a model and self portraitist, here is what I can tell you:
Yes, make-up with SPF will reflect light in terms of flashes/strobes. This is also why a lot of MUAs who work with photographers prefer to use matte eyeshadows in most cases as well as shimmer and glitter reflect the light when flashes/stobes are used.
However, if the photographer is using hot lights or continuous lights (ones that do not flash basically), it should not matter.
I do my self portraits with continuous lights and never have an issue. My foundation is usually Maybelline BB cream with powder over. But if I try to take a quick shot of the make-up on my phone and my flash is on I look ghostly, even though the make-up matches my skin quite well.
So when I am doing photoshoots with other photographers and I am doing my own make-up, I actually use a concealer as my foundation. It does still have some titanium dioxide in it, but apparently not enough for them to list it as having an SPF and it has never been an issue for me during shoots. I also use the concealer because it gives me better coverage. You could just as easily use a different foundation if you wanted, I just happen to like using the concealer.