### Only if *dispel magic* is cast at 4th level or higher. 

*Dispel magic* at 3rd level can only end spells:

> Any spell of 3rd level or lower on the target ends.

In contrast, *dispel magic* at 4th level or higher ends spell effects:

> When you cast this spell using a spell slot of 4th level or higher, you automatically end the effects of a spell on the target

Once the spell has ended, there is no spell to end, so *dispel magic* at 3rd will have no effect. But at 4th level or higher, it can end the *effects* of a spell. 

Is it inconsistent? Obviously. But I have ruled it this way in the games I run, and my players have generally preferred it this way: *this makes upcasting the spell better, beyond just the "automatically succeed" effect given by upcasting.*  

Keep in mind, it is still up to the DM to decide if a particular effect is a valid target for *dispel magic*: https://rpg.stackexchange.com/questions/179646/when-can-a-magical-effect-be-targeted-with-the-dispel-magic-spell/179647#179647