H1B check not cashed

My H1B check wasn’t cashed as of 30th April. Does this significantly reduce the chances of getting a H1B notification? Or does this mean the selected lottery application is processed in batches and my application may not have been picked up yet

No, you still have a long way to go. If you are regular, you have till mid June and if premium till May 20th. Read H1B Lottery Results Timeline