Only if it goes both ways. If I can't respond to my managers blunt candor with "the reason we're so far behind is because you suck at time management and promised the customer two features we hadn't even begun to plan for" without fear of being reprimanded or punished then blunt candor isn't very effective.
First, if you ever said that to your boss you should definitely be fired.
Second, that's operational information, not performance feedback.
Third, it's not your prerogative to tell your boss what he's good or bad at. They give you the review, not the other way around.
Some shops have "360 degree reviews", where you need to get reviews from your colleagues and people you serve (or to use an ungenerous phrase, your underlings), not just your boss.
Good bosses know this and like honesty. Bad bosses fire people for stating the truth and wind up with shit.
However I will agree that saying "You suck at.." is pretty bad, and it would be equally bad coming from a boss.