Yes. Imagine that you had a fast-forward button that changed the time per frame from 41.7ms to 40ms. This is what a cinema-to-PAL conversion does.
It's a bit weird in the sense that everything is sped up and faster than normal. In the other hand, it's super simple and does not introduce the even weirder judder that a cinema-to-NTSC (telecine) conversion would do.
Personally I think it's easier to get used to everything being slightly faster but unmodified otherwise than to having additional frames being inserted and the resulting judder in all motion.