yes it does. But its not as effective as using traction compound like:jack the gripper,tq orange or paragon.
Our club had banned traction compound a few years ago to do our indoor public location and we had tried various things on our tires to get grip. WD40 did increase grip if soaked in and then wiped off. I had even tried bushing oil and it worked as well. Both soften the rubber.
Do your self a favor and get a can of the real stuff it lasts for ever.
"Without Rules its just Backyard Bashing!"