Yes, though it also contributes to that "busy" look if you try to cram as many things as possible on the screen. The content might have a logical separation but spatially multiple types of that content would still be close to your focal point which makes them a distraction.

We live in an age where attention is a valuable currency and most people would likely leave your site if they can't quickly find the thing they're looking for. The fewer things you have on your screen at a time, the easier it is for them to find what they're looking for. It doesn't apply everywhere but I think it applies to a good amount of cases which is why lots of white space has become the norm.