No, it really doesn't. I've been using it for a little bit while fiddling with a rating system. I called it yards per touch, not yards per dropback, but whatever. It's (Passing Yards + Rushing Yards - Sack Yards) / (Passing Attempts + Rushing Attempts + Sacks).
In 2016, Tyrod's YPT was 5.95, which was good for 25th out of the 33 QBs with at least 200 pass attempts. Top 5, you might ask? Matt Ryan, Tom Brady, Kirk Cousins, Dak Prescott, and Drew Brees.
In 2015, Tyrod's YPT was 6.52, good for 12th out of 37 QBs with at least 200 pass attempts. The top 5 were Carson Palmer, Ben Roethlisberger, Andy Dalton, Russell Wilson, and Drew Brees.