I would say no. I guess it all depends on what questions you get, as well.
When I took the NCLEX-RN, there were only a small handful of answers that I "knew" from lecture/reading. The rest, I guessed on, using all of the skills and knowledge that I'd accumulated in nursing school. I felt like all of my last-minute studying and test-prep was a waste, other than helping acclimate me to answering NCLEX-style questions. Even then, I think the test was so much harder than the practice questions. I passed in 75 questions, and I flew through the exam because I was afraid of wasting too much time on material that I was obviously unfamiliar with. I narrowed it down and then picked one.
In some cases, there were answers that were very obviously wrong. I think a big part of doing well is how well you eliminate answers that would harm the patient. For instance, I had one question, I think it was my 74th question, that I basically had to choose the correct medication for the patient's infection. Two of them were antibiotics. One, that I had never heard of, had the -lol ending of a beta blocker. The last med, I somehow knew was mainly a veterinary sedative. I was able to then narrow it down to the 2 antibiotics, and although (I now know) I chose the wrong one, it wasn't the worst answer! My next question was "easy" and then the test shut off. In summary, even if I didn't know that that 4th med was a sedative, recognizing common antibiotics and choosing one of those was obviously the "safe" guess. You might be able to learn a lot from books, but the only way I could see someone doing well on the exam (theoretically) from only text would be if they practiced a lot of critical thinking questions (for years), and truly understood the rationales!