Yes, depressing the pedal alters the amount of thrust being put out by the rotors. They work similar to the pedals on a fixed wing aircraft in that they change the direction the nose is pointing. Depress the right pedal, and the nose swings right, the left and the nose swings left.
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"From our orbital vantage point, we observe an earth without borders, full of peace, beauty and magnificence, and we pray that humanity as a whole can imagine a borderless world as we see it, and strive to live as one in peace."
Astronaut William C. McCool RIP, January 29, 2003 - Space Shuttle Columbia