Kind of. Rather than a more traditional charge where you push against the line, the wedge means you're pushing against only part of the line. The idea is to move through whoever is in your way out of it so you can reform in their rear.
If you were lucky, the unit you hit would break formation to engage the long sides of the wedge, allowing you to simply gallop off. In the case of infantry, you'd stand and fight having split the unit. It means your men end up surrounded, but the foe on each side tend to lose the advantage of multiple ranks and formation.