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Yes. It generally increases each zone of the histogram, with the consequence that highlights can be pushed into clipping.
This is contrasted to the brightness control, which selectively increases shadows and midtones, while attempting to hold highlights steady, with the intent of increasing midtone contrast.
But bear in mind that you want to be getting the exposure as close to correct as you can in the camera, as the exposure on the camera affects how much light hits the sensor to create the raw data in the first place. From that point of view, they're not exactly the same, as setting exposure +4 on the camera will record the data differently than taking an underexposed file and setting +4 in Lightroom.