No, you should be able to see the information (more or less) that is in the file. Just scan through the file, and you should see recent web sites by name (mixed in among the random-looking characters.
In my own file by that name - I only see the name of the last site that I browsed to, and not much more. I don't know how much more you can expect.
Bottom line, That file is probably not going to be terribly useful for snooping on someone's browsing history.
Likely more effective by locking down your Mac - or at least leaving access to your Mac only through a standard user account, where you can limit browsing through parental controls.