You would think so, but it's more complicated than that. The top tube will sit lower, so you will need a higher, longer stem. When you stand up on the pedals, you'll be tossing a tiny frame from side to side, which will feel less stable than the correct size frame.

You can make seat post and stem corrections, but a smaller frame just has a different feel to it. More "flickable", meaning responsive, but less stable, meaning more on the "twitchy" side when it comes to handling.

In general, a larger frame will tend to be more stable, and suited for cruising in a straight line with no-hands riding, etc., whereas a smaller frame will perform better when climbing and sprinting out of the saddle a lot (i.e., racing). Take yer pick.