In a word No, if it combined with a free flowing exhaust then you may experience a 1-2 bhp increase but that's only due to the increase air flow, which in turn will make the bike run slightly lean so that increase will only be a certainly rpms.
If the bike is currently running slightly rich then the K&N could help improve the power but other than thats its only useful when you start having it tuned that's when you start falling down the aftermarket/modding rabbit hole,
1 day your buying a free flowing air filter and 6 months down the line your trying to decide if you want your new lightweight pistons to be forged or cnc milled aluminium .... its a slippery slope haha