[yxhuvud]

No, it is a shortcut to the third level, and generally I'd not recommend it as you need better wands to survive. It is more a way back up if you get good enough gear to get to the overworld.

Also I'd recommend going over the pit instead of down it.

[moomin]

I think these days shortcuts are often for experienced players who are happy with the difficulty ramp being a cliff.

e.g. in Bloodborne you can rush the Cleric Beast, spend the echoes to open the gate and go straight to Amelia. Something that using the standard progression route you'll do much, much, later. If you're good enough, this is great.