Nope.
Using the proposed county groupings for NorCal, Cal, and SoCal in the initiative, and using the 2016 Presidential election results as a proxy of how each state would vote for a Senator, we would end up with 6 Kamala Harris type Progressives in the Senate. And while some are hoping that this measure might strip off some Electoral votes for the GOP candidate, that wont happen either - in fact the Dems would end up with 4 more EVs.
2016 Presidential Election results by proposed 3Cal Split:
Nor Cal: Clinton 3,402,343 - Trump 1,464,637
Cal: Clinton 2,934,624 - Trump 1,057,331
So Cal: Clinton 2,413,666 - Trump 1,957,594
The only real solution is a 2-state solution that others have proposed - LA and SF in one state along the coast, all of the inland portions, northern and southern counties as another state.