On it's own - no. It has the potential to, but only if your formulation is appropriate, and just as importantly, if you're materials handling procedures are appropriate. it's meant to minimize the amount of ambient air (and subsequently, ambient microbes) that encounter your product. You'll never eliminate them - that's impossible- but if your water activity is low, and you are careful not to re-introduce lots of ambient organisms post vacuum mixing, then the potential is there.
I'd say there are far more effective ways of helping increase shelf life - most notably via formulation.
