Kind of. AOCV is not about canceling random variation, is about assuming that a really really really bad scenario is unlikely.
Think about it this way. I have a path with 2 inverters. Each inverter has a nominal delay of 10ps, plus or minus 1ps due to variation. You can get a path delay in the range of 18-22ps. This is a normal distribution centered around 20ps. It is relatively easy to get a delay of 22ps, you only need to get "unlucky" on 2 cells.
Now think of a path with 10 inverters. By the same logic, the delay would be in the range of 90-110ps. However, it is a freaking miracle of nature if you get 110ps delay. You have to get unlucky 10 times in a row. In a way, AOCV makes this a distribution centered around 100ps but the tail ends have a very low probability.
You can open an AOCV file in a text editor and inspect. You will see how the delays are derated according to the number of stages.