In a word, no.

Don't listen to the armchair racers here who spend all their time with their gram scales generating watt graphs about how much wattage you save with CF this or X component. They don't ride their bikes. If you added up all the watts their bikes save, they would propel themselves.

Once you get to a certain level monetarily, which is not that high, on the order of $500-800 there is no difference as far as bike material goes in terms of being faster. Your physical conditioning is what determines how fast you go.

Now, if you want bling, go for it. Nothing wrong with having a cool bike, just don't let people here delude you (as they have themselves) that it will make you any faster.