Not necessarily. This has been extensively discussed and analyzed. However, still is the main indicator of quality of scientific journals, particularly in areas such as Medicine, Chemistry, Physics, among others.
It is not a direct indicator of the quality of a journal however it may help to screen the journals. Many researchers really do good but the audience is small and the citations are meager hence the journals publishing such articles will have quality articles but a low impact factor.
I also don't feel that the IF directly reflects the quality of the journal. It is the individual quality of the paper that is published in the journal and based on its citation the journal has its IF (high or low). It is not necessary that all the articles published in the journal are of same quality as it solely depends upon the reviewers who might have different school of thoughts for the same article.