No, the purpose of live view is to act as a "smart server-side caching layer" so you don't throw everything away and start from scratch each time you hit the server.
That’s really not what it is. Live View is a replacement for most of what you can do with JS, but isn’t great for everything. The browser connects to the server via web socket and a process is started to manage the DOM state. Diffs are sent to the browser in response to various events such as clicks on elements or PubSub broadcasts.