It certainly does! I used it once and would never voluntarily go near it again.
Interestingly, as it is outlawed in many places, I was in one of Her Majesty's hotels recently where they had razor wire fitted and was told that they are breaking some law or other and get fined for each year it is in place. They prefer to pay the fine and keep the place secure rather than not have it.
I have encountered anti climb paint and as well as stopping climbing it also marks the user and their clothes very well too, so it makes them a bit more traceable in the short term.