Depends what you mean by making money.
If you mean
big money then no, but enough to keep motivated as the money keeps on rising, then it's a yes.
I submit freesites almost every day to around 50 link lists, and galleries every 3-4 days at The Hun. Almost two years of this makes me around $1500/month, which is peanuts to some but would be great for others.
Most importantly is the fact that it's rising - slowly but steadily, which points to a bright future as long as I keep on building and growing.
I always knew that freesites were a long-term project so I'm happy.