No, not the cartridge but the rifle. In a good, well built rifle with a top notch barrel that cartridge is extremely accurate. Those Ruger rifles, however, are not always so. Some will work great, but most don't. They can be redone - new barrel, properly installed and headspaced, properly bedded, trigger tuned, good scope mounts, etc.
However, you can't make that one into a hornet. The Hornet model has a longer receiver, much wider magazine well, and totally different bolt. And those don't usually shoot very well either unless worked over.