No, it just means that it doesn't violate one part of one law: the anticircumvention provision of the DMCA.

And the exemption only applies if "circumvention is accomplished for the sole purpose of enabling interoperability of such [software] applications, when they have been lawfully obtained..." One could argue that skirting carrier rules on tethering is different from enabling interoperability.

Further, it has no bearing on any contract you may have with your carrier.