No, but it does let you just remember one password you change regularly while allowing you to have different complex passwords at each site. So it allows you to have better security for lower costs. The point isn't to save you typing, its to let you have better security for the same typing.

(You can put a password on boot and wake from sleep and turn the password off your keychain, too, if you prefer not to type it every time, at a cost of having your passwords exposed if you leave it on and someone steals a minute on your computer.)