Not for me it doesn't. My balls sweat way harder when I'm wearing underwear. That's why I don't wear underwear anymore. The only reason I have underwear is so I can try on pants in the store. It's generally taboo to try on pants with no underwear...
You'd change your tune if you tried out the under armor heat underwear. It does an amazing job of keeping you dry/cool. Pulls away the moisture, it's amazing really. I can honestly say it's the best piece of clothing I've ever bought in terms of what it does.