Yes it does and it deals a bit more damage compared to a bow full heavy attack, but people will say that skill is useless as an opener because they rather use exploits instead of asking a buff for snipe.

I would only use it on keep defense to extend your range. If nightblade i would use heavy bow sneak attack with venom arrow insta follow. Then when they have extended sneak attack stun use that time to charge and fire off snipe.

I am bow and duel weild, NB. in open field I am all about the teleport strike and melee. But in stand offs and keep defense I really like Snipe. As a NB I also use Mark the Target So snipe hits harder and I follow up with a Crippling grasp Dot that also roots the target for 1.5 seconds. When in Sneak and startng the snipe draw I will try to move and position to the side of the target or behind so its will get the big sneak attack damage. the moment the arrow is released I use Mark the Target which has long range and WONT break sneak before the arrow hits