As a former telephone researcher and call center employee, probably not.
You have to consider that there are two basic types of calls you may be receiving from "telemarketers". There are real "robocalls", where you hear an automated message play. These calls are very common, and are typically used for advertising industries, or scams. The other type of marketing call is where you're in contact with an actual person, albeit a person reading a rather awkward script. These are more frequently used to recruit people for surveys (especially during election periods), or for smaller-scale local advertisement.
If this "hack" works, it almost certainly only works in the first case. Phone numbers are randomly generated for both of these systems, and there is an account created in association with this phone number. Several different "codes" can be applied to numbers in this system, letting employees (or more often, computers) know what to expect. These numbered codes (generally 1-9) are associated with things like interest level, and how aggressively the person reacts to a pitch. The number 9 is generally associated with the option "Do Not Call". In the case of robocalls, the assumption is that by entering a number on the keypad, you are accessing a rotary version of this coding system.
The legitimate "Do Not Call Registry" can be accessed online, and only applies to real "telemarketers" (people trying to sell you things). If you still get calls, the best option is to pick up and clearly say "Please do not call me again. I am not interested. Take my number off your list". This allows anyone on the line, or listening to the recording, to code your response as such, and move on. If you simply hang up, the responses is coded as a "soft refusal", and you will get more calls.
TL;DR: If this hack is true, it still only works for a small number of calls.