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No, the hreflang tag is to indicate that the content is localized for a certain market (language + geo). If you simply use hreflang tags without genuinely localizing your content, Google might treat it as duplicate. See John Mueller's answer here where he clearly says this exact thing: https://productforums.google.com/forum/#!msg/webmasters/ezMvrlRWuDk/6XWuM1fIDgA

I analyzed the domain health and it seems ok!! Guys, I finally decided to create a small site (free hosting, a couple of texts from wayback machine,...) for this domain in order to start increasing the DA again, and I will place a couple of nice links to my money site once this is set up. Will all those links, in a couple of weeks I expect some results I will update you about my experience! Luis

Thank you guys!