no, continuous traction is more like hanging a heavy weight from the end of your dick for hours at a time. in theory it stretches and tears the tissue of the penis, which then heals up again, slightly longer than before. and this can take a very long time.

the downside is explaining why you have a 1 pound weight swinging in your pants. and also the heavy tearing feeling of having a weight hung from your dick. not to mention there's a good chance it'll get torn right off.