Yes, it does look like it. We measured the CO2 content in a living room, where we placed a CO2 probe (Sensorist). The CO2 content exceeded the recommended limit after we lit the candles.
We lit eight candles in a living room and kitchen. The room is about 35 square metres. The experiment clearly showed that the CO2 content went 50% over the recommended threshold, which is one thousandth (1000 parts per million, ppm). In comparison, a school class might reach a level 300% over the recommendation. The measurement was done with a CO2 probe connected to the Internet (sensorist.com).
After our experiment, the wife in the house bought a set of battery driven tea lights.
Fig. 1. We lit this candle holder and four more candles.
There were no persons in the room.
Fig. 2. CO2 level rises from about 500 ppm to about 1500 ppm (Sensorist).
The candles burnt for an hour, then the family entered, and we ventilated the room.