Oh for sure it does. There is nothing like a scope but where I can't use a scope, such as on my muzzleloading rifles, I find a peep to be much better than open sights. You don't have to focus on the peep, you just look through it and focus on the front sight. Looking through a small aperture makes both the front sight and the target much sharper. Just like a camera, a small aperture setting increases the depth of field, making objects both close and far in the same focal plane.
I once did a little test with a Marlin 39M using a 4x scope, a red dot, a Williams foolproof peep and the factory open sight. I fired five 5 shot groups with each, same ammo, same shooter, same day. With the 4x I averaged 1/2" at 25 yards. With both the red dot and the peep I averaged 3/4" while the open sight went 1 1/4". With the open sight "most" of my shots were as good as with the peep but there was always a "flyer" or two which opened the group. Since there were no flyers with the scope or peep it could only be aiming error with the open sight.
Open sights work OK for sharp young eyes but if you need reading glasses you need a peep. Just don't make the mistake of going with a tiny little aperture which can't be used in dim light. Use an aperture no smaller than .100" and you'll find the peep beats an open sight even in very poor light. The U.S. Army went to peep sights in the 1917 and never looked back.