No. That will sanitize it, but to clean you actually need to CLEAN it. For example, I got some QD's from a person on these boards that 'cleaned' them via the boiling water method. Well, I got them and started them soaking in a PBW solution and then used a nylon brush to scrub them. I did this over the bucket of PBW. Let me tell you, what came out of the fittings made me glad that I did this.
I use a PBW soak to clean pretty much all my brewing hardware. With 3 piece ball valves, I have the option of soaking them in PBW too, without completely removing them from where they're installed.
Another advantage of the 3 piece ball valves is the ability to re-orientate the valve assembly within it. Such as if you put it where it will go and it's 90 or 180 degrees off from where you want the handle to be. Simply take it apart, orientate the middle section as you want it, and put it back together again.
Keep in mind, you don't need to take apart the ball valves with every batch. Especially if you use PBW in the kettle to clean it up post brewing. I actually use my kettle to mix the PBW up in, and let everything soak in that. This means I'm running PBW through the ball valve and it's against the inside portion of it. I still run a nylon brush through the valve during the soak (I open it up for this). Having the ability to completely break down the valve when it's time to clean it completely is well worth the cost.