Yeah, pretty much. But it still won't make the game drop ranged weapons if you're using that skill, it just won't drop gear that's specific to other classes (eg. SW's double-handed hammers, TG's batteries, etc.). It makes your life easier since more loot equals a better chance of having better loot for yourself, but it still won't make the game drop lightsabers all the time even if you're dual-wielding them and running a heavy WIL build.
OK, so that was an example too long. Sorry, I need to sleep now.