Yes, and I've needed it a couple of times. Once a kid at the park fell and whacked his chin hard on a tree stump. I had a pre-packed Red Cross First Aid kid and we used the antiseptic wipes, some gauze, and some butterfly strips. It was actually bad enough that the kid needed to go to the ER for stitches, but that kept it contained long enough for the aunt to call the parents, hustle her kids and her nieces/nephews into the car, and get to the hospital.
Another time my husband badly tripped on a middle-of-nowhere stop of a car trip. Again we needed the antiseptic wipes, some antibiotic cream, and some bandaids.
My kid gets a lot of minor scrapes, and I probably should actually use the antibiotic cream more often.
ETA: as for what else is in there, it's mostly the things I mentioned above, plus individual packs of tylenol and advil. There are also some anti-itch items, though oddly I don't think there's any antihistamine.