Nah, this exam actually means you have an abnormal understanding of Java and a good understanding of how OOP works. It also means you can read and understand code fast. It does not mean you are a good team player or have experience in building things. To say that the code in the exams are not clean code is an understatement though. The questions usually grab all clean code practices by the neck and murder it violently then asks questions about the output. So there's that.
I'm aware because I tried the exams. I also happen to sometimes interview people and for me a fresh certificate of this exam means I'm immediately satisfied with the basic programming skills of that person and can tackle other topics. But I don't know how common this knowledge is among recruiters.