Yes and no. If he thinks it's ok to bite then he may think it is ok in the future. Most people will stop the dog and so the dog will realize It can't do that. Other people will act like a moose waving there hands around screaming no and the dog will start to bite harder.
I will congratulate the pup on having the bravery to bite me and suggest to it that I would like it to bite something which i offer it rather than a part of my body. It is a simply communication to the pup.
What a lot of people don't realize is that dogs love to bite and rip things to shreds. Pups have more true prey drive than adults imo. They are wired to catch food, kill it, rip it and eat it.
They have no mercy when biting. If they don't have healthy drives then they may die in a large pack due to others grabbing the food before them.
So you have to nurture this side of them or else they will satisfy them selves eating your furniture and possibly biting you.