Yes -- this is what is commonly misunderstood about Martingale. What Martingale really does is change the probability distribution of outcomes to be heavily weighted toward winning a very small amount of money.

You can, for a given number of plays, use Martingale to make the odds of winning greater than the odds of losing. However what you can't do, is change the expected value of that set of plays. So what you've really done is created a situation where you have a high chance of winning a small amount of money, and a low chance of losing a lot of money.