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No, WP Rollback only allows you to switch the physical files of the plugin/theme to a different version. It does not take a snapshot of your entire environment or your database like a traditional backup solution.
For that we suggest using Backup Buddy.
Keep in mind that often plugin authors — like WooCommerce — will create new database tables, but the old ones will still be available as well. So if you revert WooCommerce back to a previous version your old values in the old tables might still be present so there’s some things you can still work with in that circumstance. But that’s why it’s vital to have a database backup (via Backup Buddy) so you can easily revert those changes back and forth as well.
Best of luck!