Only if you use it as such. SRS is a scheduler to help you optimize your time, to not spend time on things you probably don't need to refresh. The actual memory/learning part is orthogonal.
I use SRS to plan different practices of things (in my case programming languages or concepts). If I consider that I did one of them well, I mark it as such and won't see it for a longer time, if not, I mark it badly and I'll see it again sooner.