No it does what we say it can only protect files included in the vrdb generation.
The VRDB only protects certain files, .exe, dll and other system files, it doesn't protect data files or all files, it is not a back-up program, so there are going to be many occasions where repair won't be an option.
Only true virus infection can be repaired, e.g. when a virus infects a file it adds a small part to it, provided that file is one that avast's VRDB would monitor and you have run the VRDB, then it may be possible to repair the file to its uninfected state.
However, for the most part so called viruses, trojans (adware/spyware/malware, etc.) can't be repaired because the complete content of the file is malicious.