No. It helps reduce excess moisture on the surface of the skin, thanks to aluminum hydroxychloride, but it does not switch off sweating altogether. Sweating is a normal bodily response, and a topical foot balm is not meant to block it completely.
What the product can do is make the skin surface less damp while the other ingredients work on odor-related concerns. Sulfurized TEA-ricinoleate binds odor-causing molecules, climbazole plays a cosmetic role in skin hygiene, and tea tree oil adds a fresh feel. That combination is useful for everyday foot odor in closed shoes, but it is not a substitute for medical advice.
A cosmetic foot balm is not a medicine. If sweating is severe enough to interfere with daily life, or if you notice cracking, irritation, or persistent odor, ask a pharmacist or doctor for guidance.