A simple yes or no? It depends on what you mean by yes or no
At the moment, almost. With the next release of the plugin this weekend, yes-ish.
If you just use Send to Device for a book, then no, your book will not go into a collection automatically. You must manually run Create Collections once the book is on the device.
But if you use the Reading List plugin, and add the books you want to sync to the device to a list, then you can configure it to sync the books you want to the device when you connect and update the collections automatically (not working perfectly yet until the next release).