Yes it does. When it's done properly, you go from a level, gentle little wing low side slip one way, to a level, gentle little wing low side slip the other way, and so on. Be gentle, and with practise you will become smooth and precise with your stick and rudder inputs. My advice is though, get your instructor to show you how to do it first. Fore if you're not doing it properly, and you learn bad habits and technique, you'll wind up writhing and wobbling all over the sky like a damn idjit.