Yes. Imagine that you had a fast-forward button that changed the time per frame from 41.7ms to 40ms. This is what a cinema-to-PAL conversion does.
It's a bit weird in the sense that everything is sped up and faster than normal. In the other hand, it's super simple and does not introduce the even weirder judder that a cinema-to-NTSC (telecine) conversion would do.
Personally I think it's easier to get used to everything being slightly faster but unmodified otherwise than to having additional frames being inserted and the resulting judder in all motion.
Only in NTSC regions. PAL region DVDs are generally 576p and 25 fps.