No, their main role is to prevent electrocution or fire, by sensing any flow of electrical current to Earth. For example, somebody touching a live wire, or the metal case of an appliance (Or your lighting stand!) becoming live due to an internal fault.
They are usually used for outdoor appliances such as hedge trimmers to protect against electrocution in the event of a cable being cut but they are ideal for our line of work.
Most modern buildings and houses have these trips built in to the fuse box or electrical distribution board, but a lot of older buildings still do not, and so carrying them around with us and using one is a very good idea.
Of course this isn't an excuse for PAT testing or regular maintanance and checks of your leads and cables, but it gives you added defence should the worst happen.
Some of the more expensive ones also protect against circuit overload, but that isn't their main objective. Those devices that protect against overload are known as circuit breakers and often provide an easily resetable alternative to the old ceramic or wired fuses in the fuseboxes.
So a good idea to invest in a plug in, or wired RCD, they do save lives - Not a bad investment for under a tenner