Kind of, but the wieght is being added to the transmission's main shaft rather than the engine's crankshaft, so the reving characteristics of the engine won't change as much. But this might possibly make the bike a little less apt to stall in the tight stuff, but it will not be the very same effect as adding a flywheel weight to the engine.
I made this swap when I took out the factory aluminum clutch plates in my CR250 and replaced them with factory steel plates. The effect was much less pronounced than when I installed a flywheel weight. You could tell a slight difference, but it was a long way from the change I got when I added a 10oz Steahly to it.