Yes it does.
The First Vatican Council is concerned primarily with the errors of Liberalism/Rationalism/Naturalism which sought to place supernatural truths, which we receive with faith, on the level of natural truths, which we receive through reason. Thus, the Liberals of the time taught that the teachings of the Church were simply natural truths which man could judge with his reason and decide whether or not they were true.
So the Council first taught about what revelation is, what faith is, and the relationship between faith and reason. It’s next task was to explain how the truth is handed down without error–due to the Franco Prussian war it was cut short and they only definied the Pope’s role (the Second Vatican Council would finish explaining this).
The point of the definition of papal infallibility was to fight the error that the judgments of the Pope were on the level of human opinion, which people could rationally disagree with in good conscience. The Council, however, condemned this idea, by definitively asserting the dogma of papal infallibility, that is, that the judgments of the Pope are confirmations of the revelation and/or law of God, and not human opinion.
Your point is the same atheists and JWs try to make concerning the Church waiting 300 years to assert that Jesus is God…