Obviously I think it does. Why do you think it doesn't?
(I'm not trying to imply that that's a mistake you've made; it's just something that it's easy to forget as a manager of programmers, and is maybe worth pointing out explicitly; you need a way to measure the team's productivity, but it's very hard to find a good, measurable proxy for 'productivity' which isn't eventually going to end up being gamed by the whole team!)
I would not judge an individual developer's productivity on commits per day, agree that would be foolish.