No it doesn't.
Hanser Alberto (Baltimore) had 160 hits in 524 ABs last year for a .305 average.
Austin Meadows (TB) had 154 hits in 530 ABs last year for a .291 average.
What does betting average tell you about the relative quality of these two hitters' performance last year? Nothing. Based on batting average, you might think that the two players were relatively similar batters. Far from the truth.
Batting average doesn't tell you that Meadows had 7 more doubles, 5 more triples, 21 more home runs, and 38 more walks last year than Alberto did.
Thus, absent other information, batting average is essentially meaningless. Now, if I tell you Alberto and Meadows had about the same number of at bats, but that Meadows had a .922 OPS while Alberto had a .751 OPS, you know pretty much all you need to know about the relative quality of the two hitters' performances. You can be a mediocre .300 hitter like Alberto and you can be a great .250 hitter like Josh Donaldson, for example.