No!
Paypal does not offer any buyer protection.
Paypal is NOT an escrow service.
They do not guarantee that you get what you bought.
After having a close friend talk to a high up
manages (while filing a complaint) we found out
that the ONLY thing that Paypal guaranties is that
the money will be transferred from your account to
their account and nothing more.  Take a closer
look at their terms of service!
If you don’t receive your item you can have Paypal
put a hold on the other persons account but
unfortunately there is a major glitch in how their
system is set up which makes it possible for the
seller to remove the hold on their account.

The only protection that you have by using Paypal
is to go to your credit card company and tell them
to deny the charge.  Which by Paypal’s rules you
are not allowed to do so they will terminate your
account afterwards.