No. It makes a case for the existence of David, who is otherwise totally absent in the record. In fact, the stele contradicts the bible story of the event in question.
As Amnon Ben Tor, an Israeli archaeologist once observed, the "king" of anything is significant but there is little to nothing which supports the idea of any great "empire" under David. His "kingdom" was a poor and marginal land of shepherds in the 10th century.
Something is wrong here. War, disease, death, destruction, hunger, filth, poverty, torture, crime, corruption, and the Ice Capades. Something is definitely wrong. This is not good work. If this is the best God can do, I am not impressed.
-- George Carlin