No:
"It does more than just adjust the brightness, essentailly it adjusts the screen's colors based on the color of the ambient light. This is important for people like graphic designers where the type of lighting in the room can affect the perception of colors on the screen."
"Ambient light compensation in the colour configuration industry is when you use a light sensor (e.g. camera) to detect the colour temperature and tint of the ambient light and adjust the screen's calibration to provide more accurate colours.
If apple are following the jargon, then this wouldn't be specifically about relieving eye strain but rather showing accurate colour throughout different lighting environments. Such as the difference between dusk light, fluorescent tubes, overcast, full sun etc.
If you are in a dark room then this would have no effect since there is no ambient light."
Here's Apple's definition of the "True Tone" Display:
"People love using iPad everywhere. That’s why the new 9.7‑inch iPad Pro has a True Tone display. It uses advanced four-channel ambient light sensors to automatically adapt the color and intensity of the display to match the light in your environment."
So the Macbook Pros already have the "True Tone" feature. They use ambient light sensors to adapt the color and brightness of the display to the environmental light.
https://www.reddit.com/r/apple/comments/39byy6/can_someone_explain_ambient_light_compensation_to/
https://forums.developer.apple.com/thread/14349
Just try enabling and disabling the brightness adjustment box in settings and you will immediately notice a change in colour and tone.