If you are able to make an Audio CD or Audio DVD burn of the music (e.g. not making a data disc copy), then yes, the digital protection will be stripped from it.
However, some protected rights will not allow an application to burn audio copies of the data (possibly to DVD, os to both DVD and CD).
I have iTunes protected AAC music, but I can burn them to a CD and then re-rip the music back into iTunes without the protection in place.
Doing this will reduce the quality, depending on your selection.