Only partially.
Some of the input lag is caused by waiting for GtG settlement in dark before flashing, as seen at www.blurbusters.com/lightboost/video
But yes, the opportunity exists to lower lag, because of the fps=Hz recommendation for strobing (VSYNC ON or RTSS S-Sync or Low Lag VSYNC HOWTO). The various methods of achieving fps=Hz, especially standard VSYNC ON, can create input latency at varying extents for various reasons.
The world’s easiest low-lag “fps=Hz” technology is a frame rate cap on a VRR display. Which makes ELMB-SYNC perfect in theory, if you cap at a frame rate that doesn’t have strobe crosstalk (and the game can maintain that frame rate).
That’s why I like ELMB-SYNC for that specific reason, even if it is less perfect than I want it to be for fluctuating-framerate situations. Basically using ELMB-SYNC as a low-lag fixed-Hz ELMB alternative, to maintain fps=Hz at lower latency than VSYNC ON.
However, capped ELMB-SYNC is still slightly more lag than capped G-SYNC. Approximately half a refresh cycle more lag, at 0.5/280sec on average (there’s a latency gradient involved along the vertical dimension of the display, due to scanout latency — which is much smaller on higher-Hz displays than lower-Hz displays).
TL;DR: 277fps-capped ELMB-SYNC is less than 2ms more input lag than 277fps-capped non-strobed G-SYNC/FreeSync, for screen-centre measurement.