The answer is looking to be no.
Basically it points out that exercise tends to make you hungry and eat more, and as a result the excess calories out are matched by the additional calories in, to no net gain or loss. This is the bodies natural state, trying to stay in balance.
...insulin is the primary regulator of how fat we get. “Fat is mobilized [from fat tissue] when insulin secretion diminishes,” the American Medical Association Council on Foods and Nutrition explained back in 1974, before this fact, too, was deemed irrelevant to the question of why we gain weight or the means to lose it. Because insulin determines fat accumulation, it’s quite possible that we get fat not because we eat too much or exercise too little but because we secrete too much insulin or because our insulin levels remain elevated far longer than might be ideal.
To be sure, this is the same logic that leads to other unconventional ideas. As it turns out, it’s carbohydrates—particularly easily digestible carbohydrates and sugars—that primarily stimulate insulin secretion. “Carbohydrates is driving insulin is driving fat,” as George Cahill Jr., a retired Harvard professor of medicine and expert on insulin, recently phrased it for me. So maybe if we eat fewer carbohydrates—in particular the easily digestible simple carbohydrates and sugars—we might lose considerable fat or at least not gain any more, whether we exercise or not. This would explain the slew of recent clinical trials demonstrating that dieters who restrict carbohydrates but not calories invariably lose more weight than dieters who restrict calories but not necessarily carbohydrates. Put simply, it’s quite possible that the foods—potatoes, pasta, rice, bread, pastries, sweets, soda, and beer—that our parents always thought were fattening (back when the medical specialists treating obesity believed that exercise made us hungry) really are fattening.
An interesting read, and I advise everyone to give it a look. It might help.