Apparently yes
http://developer.android.com/about/versions/lollipop.html
"Performance focus
Android 5.0 provides a faster, smoother and more powerful computing experience.
Android now runs exclusively on the new ART runtime, built from the ground up to support a mix of ahead-of-time (AOT), just-in-time (JIT), and interpreted code. It’s supported on ARM, x86, and MIPS architectures and is fully 64-bit compatible.
ART improves app performance and responsiveness. Efficient garbage collection reduces the number and duration of pauses for GC events, which fit comfortably within the v-sync window so your app doesn’t skip frames. ART also dynamically moves memory to optimize performance for foreground uses.
Android 5.0 introduces platform support for 64-bit architectures—used by the Nexus 9's NVIDIA Tegra K1. Optimizations provide larger address space and improved performance for certain compute workloads. Apps written in the Java language run as 64-bit apps automatically—no modifications are needed. If your app uses native code, we’ve extended the NDK to support new ABIs for ARM v8, and x86-64, and MIPS-64.
Continuing the focus on smoother performance, Android 5.0 offers improved A/V sync. The audio and graphics pipelines have been instrumented for more accurate timestamps, enabling video apps and games to display smooth synchronized content."