Kinda....By turning the wings at a radical angle to the direction of travel you are reducing lift. The effective or usable wing span is reduced by the tangent of the angle (I think? insert trigonometry here____) giving the plane a steep short landing path but by cranking the rudder hard the fuselage and fin etc. are being pushed into the wind sideways creating a slow draggy steep descent.
In the case of my 50" span Cub the effective wingspan in a really hard slip would be 35" or so which would kill a lot of lift.
The guy with the L-4 in the video had the plane turned almost 45 degrees to the flight direction which means the wing lift is reduced to about 70% (tan of 45 degrees=.707) of the original span. The actual effect on wing area and actual lift is likely much more complicated. It is like having spoilers and drag brakes extended. He is using the whole side of the fuselage, vertical fin and rudder as a giant speed brake.