Not really because it doesn't contain enough of the essential oils to make that big of an impact. If you look at the label Fragrance comes BEFORE essential oil (actual plant oils) which means the majority of the scent is chemically derived instead of natural.
My suggestion is to go to your local health food store, grab a bottle of grapeseed oil, or almond oil and a bottle of Lavender Essential oil and mix your own bedtime "lotion" to use after a bath (just a drop or two of Lavender EO mixed with about a tablespoon of the other oil is usually enough), just slowly and calmly massage the oils into their skin, they might get hyped up for a little while but generally within an hour they will be cool as cucumbers and ready for bed.