Short answer: no. Long answer: kinda.
See, as you get older, you produce less and less HGH naturally which sends a message to your body saying you're not a kid anymore and you need to store fat in certain parts of your body (belly for men and thighs for women, mostly). The use of exogenous HGH reverts this message and you start both burning more fat and not storing it in those areas anymore. This means that if you're on a calorie surplus you probably won't be losing fat or at least not as much as you would like, but at least the distribution of that fat in your body is going to be more even, not as localized and (in my opinion) easier to get rid off later on.