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Yes, but only to the limits that Volume 2 takes it. Volume Three expands those limits significantly. Many students prefer to workout on Volume 2 over Volume 3 after completing Volume 3, simply because Volume 3 is more challenging, and you have to be pretty buff to do it every day. If you do it every day it will make you buff.
Volume 2 does get your voice into fairly decent shape and can keep it there. Volume 3 helps build your agility and helps to stretch your chest and head voice both to a greater extent.