No. App Inventor creates Scheme code, which is used both in the interpreted mode (companion) and is cross-compiled to JVM bytecode by a library called Kawa during compilation. Once the byte code is generated, it is run through the typical Android toolchain to convert it into the dex format for Android, and that is packaged up into an APK.
If you are so inclined, App Inventor is open source and the code responsible for compiling projects is viewable here.