No. It does a quick format of the PARTITION, which is ON the drive. There may be OTHER partitions on the drive as well. Partitions can be assigned drive letters so that EACH partition LOOKS like it is it's own drive, but in reality a partition, like the C: partition that your OS gets installed on, is only an allocation of space on a drive that has it's own drive letter and can be managed independently from other partitions on the drive.
But yes, it will clear, sort of, THAT partition, by marking the partition as empty. If you want to actually, sort of, eliminate any existing data on that drive, you need to uncheck the quick format option and allow it to do a full format where it writes zeros over the top of the existing data.
Technically, what you probably WANT to do, is to use disk management or a third party partition manager to DELETE all the existing partitions on the drive, and then when there is nothing but unallocated space remaining, create a single new partition on the drive, and format it with the NTFS file system. That will start you from a blank slate. But for most purposes a quick format is fine if all you want is to mark everything as deleted and start writing new data over the disk space.