Not exactly, the grounding electrodes installed at a service will not help clear a fault at 120 volts.

They may help with lighting and a power company fault that sends high voltage onto the neutral.

250.4(A)(5)Effective Ground-Fault Current Path. Electrical equipment and wiring and other electrically conductive material likely to become energized shall be installed in a manner that creates a permanent, low-impedance circuit capable of safely carrying the maximum ground-fault current likely to be imposed on it from any point on the wiring system where a ground fault may occur to the electrical supply source. The earth shall not be used as the sole equipment grounding conductor or effective ground-fault current path.

The neutral conductor through the bonding jumper is the Effective Ground-Fault Current Path back to the source for 120 volt ground faults.

Bob Badger
Construction & Maintenance Electrician