No, but it will clear the information stored in the CMOS chip.
The BIOS chip (Basic Input Output System) has most of the necessary hardware information progammed into it. It is flash programmed (burned), so it cannot be reset easily the way CMOS can.
If you clear CMOS, your computer will default to the basic settings of the BIOS, and redetect your drives and other hardware. Of course, you will have to reset the clock, and reset the CMOS to whatever you had that wasn't default, such as higher Frontside Bus speed, fast memory timings, etc.
The idea is that if you paint yourself into a corner by setting the busspeed, (for example) too high to allow it to POST (Power On Self Test) or boot, you can clear CMOS and start from scratch.