Yeah it will to a point but you've got to keep in mind all the other things it is going to change like ride quality, handling, steering geometry, driveline angle. Not a good setup for a jeep if you ask me. They're more for pick up trucks to assist in hauling heavy loads, think of them as an add- a -leaf but with air.
See, I was thinking about my wife and daughter when I first read the title...my bad. Carry on.
__________________ But the wisdom that is from above is first pure, then peaceable, gentle, and easy to be intreated, full of mercy and good fruits, without partiality, and without hypocrisy. James 3:17 (KJV)
They work well for that. Air Lift is the standard for such kits and they've been around forever. I installed a set of their air bags in my old Jeep Cherokee to level it out while towing my boat and it worked very well.
You can reduce the cost by not going with a kit that includes its own air compressor. Any standard compressor works fine, that's how I installed mine and never felt the need to add a compressor for it. I just used one at home or at the gas station. I never needed to add air after the intitial fill.