Yes it will, but no more so than decent extraction over showers and cooker hood, externally vented. What it does is run this warm moist air through a heat exchanger, that extracts most of the heat, passing it into fresh air from the colder outside, that then feeds into the house.
It's frankly one of the last energy improvement projects that I'd consider for a house, once everything else is done. Loft insulation, external wall insulation, double glazing, remove floorboards on suspended downfloors and put slab foam under them, etc. Etc. Then think about this.
The venting ducting is a pain to install unless one is building the house from scratch.
Not been buttonholed by an overenthusiastic salesperson, I trust.