For the most part, but it is not a two-part solution, you just paint it right over the rust with minimal surface prep, it adheres better to the rusty surface.
+ 1 on POR-15 here. I've used it with fiberglass to repair non-structural bits (inside trunk wall, etc) in some of the cars I've restored over the years. Great stuff.
You can get a 'starter kit' on eBay at a decent price, complete with the pre-treatment solutions that would be plenty to repair what you are after.
One friendly bit of advice - please please please - use it only in a WELL ventilated area. The fumes from POR-15 are seriously toxic.
Jim