No, but the chipset may, in some cases, either include or make available the onboard graphics. <rummages around for a good intro article on motherboards>
Loosely, the chipset refers to the one or two chips on the motherboard that allow the CPU to connect to everything else, and start the boot process with the BIOS. Some chipsets will only connect the CPU to a separate graphics card, some contain built-in graphics, and with Intel's new Sandy Bridge CPU one chipset makes the CPU's onboard graphics available.
If there is onboard graphics, it is brought to you courtesy of the chipset. But many chipsets do not provide onboard graphics and are still wildly popular. Does that help?