In my experience, no.
In my paludarium build (see link in my signature) I used fiberglass and epoxy for all the submerged areas and epoxy for most of the rest. I used drylok on some of the top braces and center brace, figuring that it would only have to be a humidity barrier and it still didn't hold up particularly well. A little bit of water got through, causing the plywood to swell and the outer layer to start peeling off. I ended up stripping those sections and resealing them with epoxy.
I think drylok doesn't penetrate deeply enough into the wood to form a truly waterproof barrier.