No, if you withhold Paid Family Leave from your employees’ wages to cover the cost of PFL premiums, it doesn’t automatically mean that the premium is getting paid. While payroll systems offer the convenience of automated payroll withholdings, they don’t transfer funds to your insurer to pay your premium: there’s typically no direct connection between your payroll system and your insurance carrier. So, when the payroll provider withholds wages for Paid Family Leave, the funds are withheld from the employee and remain in your (the employer's) accounts. This leaves it up to you, the business, to pay your premium separately from the payroll process.
We recommend you speak to your payroll provider if you have questions about your specific situation, as this information may vary by provider.