No it does not. It means completing level 4 of a foreign language. FWIW, in most HS’s, AP French (or Spanish, Latin, etc.) is an alternative for French IV, not French V.
Having said that, I’m not sure a top school would recognize the validity in taking APHG in place of AP French. They may not care one way or the other, but APHG is not exactly renowned for it’s exceptional course rigor.