Sort of.... It never "Dries" like paint, but it does go sort of, Chalky coating over a greasy layer. E.g., you can touch it, and it won't stick to your fingers, but if you scrape it, you end up with a "Tar" like substance on the thing that scraped it.
It takes an age, and in the cold it takes a lot longer, on my car, it probably took 2 or 3 weeks in the spring, and Suz's car took about 10 days in that mega hot spell we had.