It depends upon who you ask.
Anecdotal evidence says it does. Or at least doesn't hurt.
OTOH, there was at least one study done that said that there are other factors that are more important. (The general "feeling" of that study being "you get what you pay for".) I'm at least a bit skeptical. Of course it's in the oil companies' interest to promote the expensive stuff. But I'm not cynical.
When I built my 3.4, a few years ago, I installed a Crane 272 cam. Around that time, Crane cams in general, and the 272 in particular, were supposed to be wiping lobes and lifters on a regular basis. I used zinc assembly lube, zinc break-in additives (I think) and Rotella T (zinc-rich) oil.
Ten years later, the engine is still running (having gone through several owners) and having other issues (marginal oil pressure, and a broken valve spring, among others) but the cam is apparently still good.
As always, YMMV.