No. It does not. It depends how you measure it.
Measuring in MS Word:
Three different resolution images placed in Word:
Measuring in LaTeX:
Measurement on the screen with 100% zoom of the PDF viewer:
Measurement on Web Page:
You cannot rely on the size of the PNG that you see on a web browser as they process images differently (see here)
JPEG Image with 1200 dpi Uploaded to Imgur and seen through a web browser:
PNG Image with 300 dpi Uploaded to Imgur and seen through a web browser:
JPEG Image with 50 dpi Uploaded to Imgur and seen through a web browser:
If you want to see the correct dimension on your web browser, you need to generate your PNG with the correct dpi. See the following exercise:
My screen is 2560x1440.
Horizontal dimension of screen is: appr 23.5 inches
Screen resolution is 2560 dots/23.5 inches = 109 dots per inch
I generated a PNG with a dpi of approximately 110.
I measure the horizontal dimension on the screen with a web browser: