No it goes out a good ways when squeezed but probably does not have as much travel as the OEM units. They are often called a "drop nozzle" because that's what racers need to do on starts(hole shot) or coming out of tight turns.
Generally you would adjust your nozzle to return to where the ski handles best overall, usually just above center. But then they tend to hop out of the water and suck air in the pump when you pin it from an idle. This tool keeps the nose down at the beginning of acceleration to avoid that.
This was the OEM trim system on the rare RXX model actually.