Yes, that's exactly what it does...but if it's for small repeating sounds like foot steps, gun shots, etc. then you don't even notice it being shorter.
Alternatively you can make multiple versions of the sound using some program of your choice, name them Sound_1, Sound_2, etc., then use "Play by name" and append a random integer variable to the end...The first method is much easier though if you just want to change the pitch and not use different samples.