Yes it can mean so, or it can be a simple iterator. For example: Example as iterator:
a=set(['1','2','3'])
for x in a:
print ('This set contains the value ' + x)
Similarly as a check:
a=set('ILovePython')
if 'I' in a:
print ('There is an "I" in here')
edited: edited to include sets rather than lists and strings