Well, yes and no.
The shred skill-set does make you quite 'able' on the instrument, but it's actually quite narrow. There are certain technical manouvres that are common to Jazz guitarists and people who ape jazz horn players do that are pretty alien to the average shredder. The thing with a lot of the shred stuff is much of it is designed to be relatively simple and shape oriented to play in order to play very quickly, whereas jazz and especially horn players tend to go after sounds and therefore end up doing some very counter-intuitive stuff.
If you look at country musicians, then there are a whole bunch of techniques that are very different to what shredders tend to learn, too.
But aside from pure speed-based technique, there's so much more to playing the guitar that learning to be a shredder doesn't teach you, particularly in terms of articulation and dynamics.
