No. This will give the visual effect of HDR (which many think is something to be avoided - HDR should be a tool, not a style), but does not increase the actual dynamic range.
That only works if you're shooting RAW. And even then all you've accomplished was a convoluted process to achieve the exact same thing you'd get in Lightroom by adjusting the Blacks and Whites sliders, and dragging the ranges horizontally in the histogram.
My RAW Images has a higher dynamic range than the final image shows without any HDR feature.
You only put back what was already there and 'lost'.