Exactly the opposite way. If the sensor gives a voltage as an output signal, this voltage does not have a lot of current. So an external electric disturbance (say a running pump) could easily alter this voltage. Your CAT 7 cable is a good way to prevent that, still it is not perfect. In additition to that, every meter of your cable has an electric resistance that might not be constant (temperature, humidity…) Therefore you get a voltage drop that is not calculatable.
With the 4…20mA output, your signal is transferred via the current (f.ex. 0mA: broken cable …4mA lowest signal … 20mA highest signal).
Let’s say the sensor wants to set a constant current of 12mA because that’s your value. It increases the voltage, until 12mA are flowing. Do not get me wrong: The volatage in this scenario ist just a tool to adjust the current.
So if we have a loop of:
Sensor -> short cable -> current/voltage converter -> short cable -> sensor
the voltage the sensor might need to have 12mA flowing is f.ex. 3V
If we exchange the short cable with the long one, the voltage needs to be increased to again have the 12mA of current (f.ex. 4V).
If an electromagnetic disturturbance comes along, it not only needs to enter the cable but needs also a lot of energy to disturb the current flow, which would not be typical.
So long story short: If you connect the sensor directly to the current/voltage converter, you can directy use a voltage output sensor, with all the disatavantages mentioned. To make full advantaga of the current sensor, place the converter as close as possible to the ESP for most best performance.