It certainly helps. I wear Kodiak wool socks under my two layers of tights when I ride in the winter (among other things). These Kodiak wool socks come almost to my knees. When I wear shorter socks, my feet are colder.
Have a look over my article on cold feet for more warm feet ideas.
http://www.machka.net/whatworks/coldfeet.htm
You might also check out this thread on cold feet. In it, I talk about the duck who can stand in a frozen lake, and how we can be like the duck.