Not really. You can generate an analog signal using a PWM output by using a low pass filter. In fact after hearing this news I went and looked at the photo of the controller board that Ron posted again and it is using a low pass filter to convert PWM to analog for the signal it is providing.
For the Apex, just do not exceed 50% (5V) and you will be fine.
For the Arduino, use a low pass filter.
For the Reefangel with a 10V PWM signal, both would apply, use a low pass filter and do not exceed 50% (5V).
However you should use a meter to double check what % the cut off (5V) actually is.
Dennis