No, the OEM unlock setting puts the device in a state that "allows" the bootloader to be unlocked, and then the unlock process or method can be initiated.
One example is some devices use fastboot commands to unlock the bootloader, but the OEM unlock setting must be enabled before running the fastboot OEM unlock command to unlock the bootloader. If the OEM unlock setting is not enabled before running the fastboot OEM unlock command, the fastboot command fails.
There are exceptions though, "some" devices can unlock bootloader just by enabling the OEM unlock setting, but this is not very common among android devices, most manufacturers and mobile carriers do not make it that simple to unlock the bootloader on their devices.
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