From what I've gathered from other's test--yes, and no. It does contain bacteria that will consume ammonia, but a) they often sit on the shelf too long and are dead when you purchase them. b) if alive, the strain of bacteria provided is not the same as those that can and do establish themselves in the aquarium--meaning they won't cycle the tank, just consume ammonia for a brief time and time, requiring constant replacement (impractical, IMO). c) Cycle introduces nitrates to your water as well, requiring more frequent water changes.
Bio Spira is the only product I'm aware of that has any reputation of reliability and effectiveness.