No. Just the opposite.
The current loop drive will have some maximum voltage (typically 24 volts) that it regulates to get the desired current flow. With the 500 ohm resistor, when it's trying to maintain a current of 20mA through the resistor, its output voltage will be 10 volts – simple Ohm's Law, v = I × r.
What happens if the 500 ohm resistor burns up? The current driver will do everything it can to force 20mA through the now-open circuit. It will increase its output voltage to the maximum, in the attempt to make 20mA flow. Now you have 24 volts (depending on the driver) across your 10v input.