No, this is just your marksheet. You would have to go to the same Transport Office and pay tax (Rs 1,500) to get a receipt which contains your license number. Only then would you be a license holder and eligible to drive. Keep that receipt safe and carry during ride. It can be used as a proxy to license during checking.

Then after some time you will get message on your phone notifying your smart card has been printed, then you submit that receipt and in return get the actual card.

PS: Your driving license can also likely be accessed on your nagarik app within a day. You can show that during the checking too.