Not exactly. IPM configures the IP SLA feature on IOS devices. IP SLA has a TCP connect operation which can make TCP connections to arbitrary hosts and ports, and time how long the three-way handshake takes.

So, you could configure a collector in IPM which makes a TCP connection to your database server, and times how long it takes to become established. However, that will not tell you how long queries take, or how quickly the database can service requests.

If you want to do application response time monitoring, the Network Analysis Module has that feature where it can actually look at the traffic on the network.