The breakdown of organics in sand (or anywhere else) can lead to released nitrate and phosphate. If those organics are otherwise removed, then that breakdown doesn't happen. If those organics just settle out elsewhere in the system then having the sand bed itself will not "cause" any more nitrate to be released.
Sand beds do have the potential for denitrification, which causes nitrate to be reduced in the water. So they can and often are permanent sinks for nitrate.