No it doesn't, you'll still need someone moderating to approve posts 24 hours a day or else the site stops working. No one wants to have a conversation through hours-long gaps in a moderation queue.
comp.lang.c++.moderated used a system where submissions needed approval by the moderator(s) before posting. It worked well for many years. The delay could be up to a day, but people accepted that.
After all, it's like the pre-internet "Letters to the Editor" section of the newspaper.