Sure. It can also help in the Artwork section where the VAST majority of depictions of female characters are as various male sexual fantasies. (Though it would probably require either flooding the market with artwork or stopping sexy artwork from being produced since you're not making up ground for 50-100 years if sexy artwork keeps getting produced alongside the non-sexy artwork)What I have in mind is more like single woman in an ensemble who has to be relegated to "the Chick," which often means putting a lot of tropes onto a single character. But creating a more diverse cast also means that there is not just "the Chick" who has to be all things "feminine" to the audience. Instead, there get to be differences between female characters and different tropes that permit a greater diversity of characterizations. Katara in ATLA, for example, was pretty much "the Chick" in Season 1. But the introduction of many more female characters in Season 2 - Toph, Azula, Mai, Ty Lee, etc. - meant not only that we got to see different types of female characters, but also that Katara could stop being relegated to just "the Chick" in the line-up.
But that doesn't address the -rest- of the problems involved in women's representation within the environment.
If there's more female characters in the piece and most of the "People as Reward" are still female characters then the expectation is that, regardless of the reality, those other female characters may -also- be "People as Reward" (I.E. Save the Day, Marry the Princess/Farmer's Daughter/Nun/Whatever trope means adding more Princesses just means more potential wives)
If sexual harassment happens between the guards and female members of the party because the culture of the evil city is one which allows or even encourages sexual harassment of female characters, more characters get sexually harassed, not less.
If Orcs do raids on human settlements and kidnap all the pretty women to assault them and breed half-orcs, adding more pretty women to the settlement doesn't stop the raiding and assaults. And the threat of rape as motivation of heroics remains intact.
If swatting the backside of buxom barmaids remains the standard and calling out "Are there any girls there? If there are girls there I wanna dooo theeeeem!" while looking for Mountain Dew is accepted then no amount of additional female characters in the setting will reduce the negative impact of that situation.
Additional representation helps, but you've also got to address the other socially reinforced aspects of sexism within the narrative to make the space welcoming for women.
(And also do this for issues of Race on which I've got no leg to stand, LGBTQIA+ inclusion, and disability access as well)