Yes. Now that I just checked and figured out that the parts that I have shown are not magnetic, and that the magnet is obviously on the other wheel, I can understand the purpose of the little set screw. Yes, setting its height from flush determines how much contact the two plates have. (SesameCrunch mentioned something about that when he gave me some tips about the bike). Plus I looked more carefully at the sleeve around the bolt. It is not threaded.