Yes, but it still generates some heat. 300% means the ratio of the heat energy transfered to the energy consumed is 3. Perfect efficiency would be infinite COP.
> Heat pumps convert energy to heat more efficiently than combustion-based systems, potentially delivering 300-400% efficiency compared to the 80-98% efficiency of the best furnaces and boilers.
> This fundamental advantage stems from the fact that heat pumps move heat rather than generate it through combustion or resistance.