No, emphatically!
In fact, most woody plants - grafted or not - should be planted so that their root flare (sometimes called basal flare) is at the soil surface. That is the point at the base of the trunk where you find roots branching off.
Do not rely on former planting depth in a container, or rootball, or otherwise. Too often in the production process, plants are either initially planted too deep or gain soil above the root flare by cultivation or other means. As young vigorous plants, this often has little effect. After transplantation to a permanent garden home, then trouble can begin. More woody plants die from this reason than almost any other, and mostly because of ignorance (simple lack of knowing, information) on the part of the consumer who has trusted that the professional will sell them a quality plant, or install said plant properly.
SO: check your Daybreak, and better - show us a picture of the soil line at the base of your plant. If you don't see the root flare evident, dig back some of the soil until you find the top of a root branching off - and take a picture of THAT. That is what should be up at the soil line - not burial of the graft union, unless you want to hasten the burial of your magnolia.
