I don't believe so. I'm eagerly awaiting the new functionality to show exactly when the heating and cooling cycles are on but if you look closely to the data you can see that at exactly 1 °F above the setpoint (2x the hysteresis setting) the fridge is kicking on and the temperature drops very quickly. The fridge kicks off and you get a small amount of overshoot at 0.5 °F below the setpoint (1x the hysteresis setting.) If the fridge really were kicking in as it was supposed to at 0.5 °F above the setpoint then you wouldn't see that slow rise followed by a sharp drop that's delayed and exactly coincides with the 2x hysteresis point.
The goal should be that the fermentation temperature be kept within 1x the hysteresis value of the setpoint. In this case with a setpoint of 60 °F I would expect the fermentation to stay within a band of 59.5 °F and 60.5 °F. Currently fermentation is staying within a band of 59.5 °F and 61 °F.
That's the point of letting me chose the hysteresis value. If I wanted to have the compressor turn on and off less frequently I would chose a greater hysteresis value. I could chose 1 °F as the hysteresis value but based on what I've seen here that would result in the fermentation band being 3 °F wide ranging from 59 °F up to 61 °F. That's just weird.
In summary, I can make this work with the current behavior but it doesn't match what any other temperature control system does. Furthermore it doesn't match how the BrewBit team said they intended for the hysteresis value to work.