Yes. You take the card to each ride. If the line is short (less than 30 minutes), they will let you right in, usually into the express lane. If the line is long, they will give you an assigned time to come back at which time you will usually go into the express lane. You can only hold one reserved time at a time.
There is also a pass for those who need more assistance than that and that allows you to enter each ride special queue immediately.
If you stay onsite at one of the three deluxe hotels, you get unlimited access to the express lane anyways.