No, but it can provide some solid support, so that they can hopefully hit on the picks for the couple years they do pick high, and get the high-end talent there.
Orpik and Armstrong, from just before the Pens started drafting high the last time come to mind. Even from later rounds when they were picking high, you get Christensen and Talbot. Even if they don't directly contribute to getting better, they can provide assets to trade for key acquisitions.
For that matter, Letang and Guentzel were both third round picks, so sometimes you _do_ get high end talent outside the top of the first.
Get enough solid players, and you don't need as many years drafting high to pull out of the rebuild. If the late 90's drafts had been better, the Pens wouldn't have needed so many years as a bad team. On the flip side, because they _did_ hit on players like Rust and Guentzel, and were able to turn Staal into Dumoulin, they didn't have to go through another rebuild between the '09 Cup and the '16 and '17 Cups.