Effectively, no, for 2 reasons:
1. They must be prosecuted and lose for the penalty to have an effect. Courts have historically been lax in applying this. After all, a big content company probably has to file thousands or millions of requests, and everyone (and especially automated processes) make mistakes, right?
2. EDIT - this is incorrect, see crilet2's post here: https://news.ycombinator.com/item?id=12805060
They're typically not submitting DMCA requests. YouTube's complaint system and automated content ID systems are not technically DMCA requests, they're just easier for Google and for submitters: https://support.google.com/youtube/answer/2807622?hl=en. Misuse can result in suspension of the YouTube account.