To an extent, but:
Correlation is not causation.
It's not a linear relationship. Studies in the UK have shown a difference in achievement between students missing no classes and those missing between 10 and 20%. But this kind of initiative focuses on harassing those with 90% + attendance, presumably to bring up the average and not out of concern for individuals.
A well designed curriculum and school system would not require 100% presenteeism for exam success.
Obviously students who never miss a minute in school will be physically and mentally more robust than average. They will be compliant, and they are unlikely to live in chaotic circumstances. All of that will help with academic attainment.
But unless we micromanage children to death, and judge them by jumping through hoop style exams, they should be able to catch up after an absence or work at home occasionally. In fact, these skills are valuable.
What is wrong with doing a bit of reading or independent work, for heaven's sake?