Not at all! Paul lays out seven arguments in Romans 9, 10 and 11 to prove that God's historical purpose toward the nation of Israel has not failed.
In Romans 9 and 10 are the first three arguments: 1) Spiritual Israel are saved; 2) God never promised that all who call themselves Israelites would be saved; 3) The failure of the Jews to believe was their own fault ...
Romans 11:1 is Paul's fourth argument. Pointing to himself, and arguing from the lesser to the greater, Paul himself is proof that God had not completely forsaken the Jews. Paul was a Hebrew, a Jew, an Israelite, a Benjamite.
From this verse we can take encouragement in our evangelism, that our labor is not in vain. Also there is in this text a warning against presumption based upon affiliation to a particular group, denomination, nationality, or church. There is always a majority of every group that are not saved.
It also demonstrates God's faithfulness to keep His covenants. The final perseverance of the nation of Israel carries hope to every believer for his own eternal security.
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