No it dosnt..it just makes a layer of paint that water will get into causing more rust. Same for the "rust converting" paint. It's all junk and you can tell this by how they want you to prep the surfacePOR-15, it's a very good rust encapsulating paint that contains it. You should at least check it out.
Good old fashion elbow grease with a 4.5in grinder and knotted cup brush is the way to go. then an epoxy primer followed by your paint of choice.