NO, the HZ (Hertz )is the number of times per second (hertz = cycles per second) that the monitor redraws the image on the screen, it dictates how fast the monitor refreshes the screen.
See this Microsoft Article:
Monitor Flicker: http://windowshelp.microsoft.com/Windows/en-US/Help/52f7448b-d524-44e4-b43d-15b5a29685371033.mspx
Getting the BEST Display on your Monitor: http://windowshelp.microsoft.com/Windows/en-US/Help/617624ee-08f3-4aff-9713-5e84a9674a261033.mspx
Wes