Not to the extent that 5 hours a day of fundamentals and etudes will, but it will improve your endurance, consistency, performing skills, and if you use a different key horn, transposition. Add in trying to model musicianship, and you will be working a great deal on some good things without really "working" on them. Example: I just did bunch of scales, concentrating on good sound, playing them musically, listening to tune each and every note, trying to produce a great sounding legato. We did scales in quarter notes. 7 of them. With accompaniment. So, in a sense, I did a whole bunch of work on fundamentals, along with my 8th grade sax players. Pushing them to transpose and think about key. Modelling good sound and breathing, musical performance on something as seemingly mindless as scales.