Yes it does. Most people don't realize just how much of a boost the Sage Mode grants people. Having the strength to throw around giant rocks and being fast enough to take on the Third Raikage while also granting him two immensely useful allies in Shima and Fukasaku is the reason most people consider Jiraiya to be one of the best. Without the Sage Mode, he's already a highly versatile shinobi in almost every aspect aside from Genjutsu and Intelligence, both of which are boosted when Shima and Fukasaku join him, since they make up for the aspects Jiraiya himself is lacking in.
So to summarize, Jiraiya is indeed a shinobi to be feared, especially when he's in the Sage Mode.