No, this is a mixture you inject in the tire and it says there forever. Presumably, when you get a puncture the flow of air brings the mixture to the puncture which seals it automatically.
I've heard it may create balancing problems for the tire.
Also, I personally would like to know there is a puncture, and I would proceed to safely get home and fix it properly by a professional. If the problem is masked, you may not know about it and keep riding, at high speeds, not knowing you have a puncture.
Sounds like a good idea for a commuter bike, but not for high performance bike.
I prefer to have a simple repair kit with me. Had to do it once right on the road - worked just fine.