i don't believe so, i think it just gives you a better chance to hit.
The tracking dart is basically a becon. The RPG fired by the Carl Gust and RPG-7 will lock on to it and hunt it down. There are some things to remember about this though.
1. Target Visible: The lock is semi-automated. If you are looking down the sight at a target the red box around it will be solid. Once it starts blinking the missile is locked on and you can fire at will. The projectile will auto-correct course as needed to hit target.
2. Target not Visible: There actual is no real need to lock onto the target via the sight. Once fired, any missile from the Carl or R-7 will lock onto the nearest tracking dart to it, not you. This takes some time, so the more distance the better.
This is how I gather it from testing. This is why you can tracking dart something and still have missiles miss at close range. At long range it is almost impossible to miss a tracking dart target.