Yes. Copper dominates PCB conductivity. A four layer board, with more-or-less solid copper on all layers, will be something like 70% more conductive than a two layer board of the same thickness.
Note that that's lateral conductivity, i.e., the ease of getting heat out from under a part, over to where it can be dissipated (by air or heatsinking).
Conductivity through the board, from one side to the other, is still poor -- and worse to begin with, because laminate. Dense vias will about double this conductivity, and solder-filled vias make it triple.
Doing everything possible, and heatsinking on top and bottom, you can effectively get about 10W from a power (D(2)PAK say) SMT device on a PCB. Of course it may not be the cheapest option (which might be using THT, or more board area with more devices in parallel).
Tim