Yes and no. Obama could have pardoned her even if she won. Electing Trump was an accomplishment unto itself.
Even if he pardons her he has to give at least a vague indication of what the pardon covers. There will still be plenty for AG Giuliani to work with.
AND if she is pardoned, it at least confirms wrongdoing/she lied (again), serving to reinforcce any weary Trump voters and silencing those that rever her. Yes, an indictment, trial and conviction would be my first choice (and you know Rudy would be a dog with a bone with her), but a public pardon would be more telling than an incognito one where she gets to keep both her freedom and reputation (such that it is).