Yes. This is pointed-out in the wikipedia article.

Also, anecdotally, I know multiple people who believed (and in some cases still insist) that it indicates recyclability.

Metalized plastic film (as used as packaging for potato chips / crisps) is particularly aggravating because it will often be printed with a green dot but is very rarely recycled, and it effectively poisons the genuinely recyclable material that it is often mixed with.