No. Wrist gestures is just a way to scroll the screen up and down by flicking your wrist, when the watch is already awake.
For reasons that nobody can understand, the tilt-to-wake setting is only available on the phone in Android Wear app, not on the watch, itself. Once it is set to "off", moving your wrist doesn't wake the watch, you touch the screen or press the crown button to wake. This will prevent it from waking randomly all day with movement. Even not awake, if ambient mode is on, AND you have a nice watch face, you can still see the time and other information always (although it might be dim and a bit hard to read). What is neat is using WatchMaker, you can customize the sleeping face to show what you need (just make sure not to put anything on it that animates or ticks on the sleeping face).