No, since the current switches on and off several times a second, the resistor doesn't have time to heat up. With the engine running at 2,000 RPM, for instance, the points open and close 10 times a second. Leaving the points closed for a minute with current flowing through the coil, the resistor, and the points overheats all those parts, and can burn the points, even with the resistor in place.
NEVER LEAVE THE IGNITION SWITCH ON FOR MORE THAN A FEW SECONDS WITHOUT STARTING THE ENGINE!
If you must leave the switch on for some reason, such as diagnosing a circuit problem, disconnect an ignition primary wire first, or put a piece of thin cardboard between the points to interrupt the ignition circuit.
Jerry
