In practice, no. The legislation has major loopholes, such as allowing unsolicited business-to-business marketing. And spammers still send junk to individuals with a disclaimer such as "This message is addressed to a business, if this is in error click here to opt out". And they seem to get away with it.

My mailbox (the physical one) disagrees with your claim. There are mechanisms to opt-out (at the cost of uglyfying my mailbox with highly visible label), but they are not banned.