Can Fraxel Laser Treatment Cause Cheeks to Lose Volume?

Neither the non-ablative Fraxel:restore nor the ablative Fraxel:repair causes volume loss.  They stimulate collagen and thicken your skin but do not penetrate deeply enough to melt fat which gives volume.  They also will not melt filler you may have in your cheeks that has replaced your volume loss.

Fraxel makes two lasers: one that removes tiny columns of skin (Fraxel Repair CO2 laser) and one that coagulates columns of skin (Fraxel Restore).
Neither have effect on actual facial volume. Your skin will tighten, but you won't lose fat, bone or muscle, which are the real cause of volume loss or volume deficiency. This response is based on the assumption that the laser technician is staying within the accepted treatment guidelines which limit the combined energy levels and number of passes in the treated area.
Volume deficiencies, whether genetic or from age, weight loss or illness are generally corrected with injectables such as Juvederm, Restylane, Radiesse or the newly approved Sculptra product which gives you the opportunity to restore volume over a broad area by stimulating your own collagen. You can also opt for fat transfer.
If you are seeking volume reduction, that's another issue and is resolved with surgical Liposuction, though only in certain areas of the face where you are dealing with fat.

Fraxel is a resurfacing laser which means it vaporizes the upper layers of the skin. It does not have any effect on the deep fat layer and therefore you should retain your "apple-cheeks".