Yes, but _taxSettings.ShippingPriceIncludesTax is referenced later and passed as a parameter, so you need to step through the other method calls to see if it is being considered correctly.
public virtual decimal GetShippingPrice(decimal price, bool includingTax, Customer customer, out decimal taxRate)
var priceIncludesTax = _taxSettings.ShippingPriceIncludesTax;
return GetProductPrice(null, taxClassId, price, includingTax, customer,
priceIncludesTax, out taxRate);