No, it doesn't.

In the following SMTP conversation:

  MAIL FROM: [email protected]
  RCPT TO: [email protected]
  DATA
  From: [email protected]
  To: [email protected]
  Subject: We are updating our Terms of Service
  [...]

SPF checks whether the sending host is allowed to send e-mail from example.net (the envelope sender).

The recipient sees [email protected] (the From address on the inner message), because most ESPs do them the great disservice of not indicating that the sender identities are not aligned.

Adding a DMARC record to a domain requires that e-mail whose inner messages claim to be from that domain must have sender alignment to the envelope sender.

The above message would pass SPF (if the spammer owns example.net and has created SPF records for themselves) but would fail DMARC (paypal.co.uk's DMARC record exists, so alignment is required, and yet example.net != paypal.co.uk, so they are not aligned). In this case their DMARC policy says to reject the message, so (if the recipient is checking DMARC) it would either be rejected outright or it would land in Spam/Quarantine rather than Inbox.