No.
Arginine is actually shown that is doesn't cause the release of the hormone, and in larger sums can actually hinder it slightly.
Arginine localizes blood flow. Better pumps, but as to whether it actually produces gains has yet to be proven. The studies done on Arginine (NO2) are few and far between, usually done by the company making the product.
Your money would be better spent on a good brand of creatine.