I’m almost certain. What would you expect to show up as the output of ls /ipfs? The number of ipfs hashes is huge.
The point of the fuse mount is that your traditional applications can load content from IPFS without the maintainers needing to add support for IPFS. For example, let’s say that I have my entire music library at Qmmusichash (not a real hash, of course); I can then either tell my existing music client to look in /ipfs/Qmmusichash for my music or create a sym-link to /ipfs/Qmmusichash and point my music client to the sym-link – updating the symlink as needed to point to the latest /ipfs/ path.