No - chroot changes the root directory used for a command.
So e.g. if you have 2 linux distros installed, and the root filesystem of the inactive one is mounted at /mnt/distro2, you can execute
and your shell will take / to be /mnt/distro2. Other directories will be inaccessible from this shell, and any commands you enter will execute binaries from the 2nd distro (/bin refers to /mnt/distro2/bin, and so on).