Yes, it does help IME.
The best way to do it if you've got into a bad habit is to prepare - do a bit of a tidy up/sort out of all the toys so they are in groups relating to play theme and the outgrown/broken/random bits that don't fit with anything else are removed out of the way so they can see what they have.
If you already have a selection of things like colouring/puzzle books, pull all these together as well. If you don't have things like these, look at supermarkets or somewhere like The Works and pick up some cheap ones. Go through your colouring pens/pencils and get rid of the ones which are no good (or save this as a joint activity to do). Get some cheap craft type kits or anything like that. Playdoh, Hema beads etc. Balloons are also useful, masking tape, and bubbles.
Stock up with foods which are quicker or easier to prepare so you're not trying to be half distracted away from DC.
Set times when TV is allowed and then do not allow it outside of these times. Take the remote and place it high up out of reach.
The reason though that you might want to prepare lots of activities is that for the first few days DC are going to whine and complain and not know what to do, so it helps to have some quick ideas to pull out to occupy them so that you don't get frustrated, because IME if you are frustrated and unavailable and they are very used to having TV, they will revert to whichever behaviour gets your attention most reliably, which is usually destructive, dangerous or annoying behaviour. You want to be rewarding the behaviour with attention that you want them to repeat. So getting involved with them with some playdoh, or colouring, or board games or lego or whatever is a good investment of your time for the first few days. If you try to back off too quickly and do your own thing, they will often go for those behaviours which are guaranteed to get attention, and then you have to break off from what you're doing so you end up reinforcing the wrong thing.
With DS1 I used to think I needed to get him to play independently at the start because if I always did stuff with him he would never play alone, but I have found with DC2/3 that actually if I start off by doing stuff with them a few times, they usually transfer this experience into starting to go off and do it on their own. But they won't usually be interested to start something without me when they have been used to the very high stimulation of TV.
So day 1-2 expect to be very involved and then by days 3-4 you can start to pop in and out saying something like I'm just going to hang up this washing now and I'll come back and see how much you've done when I've finished.