No. MIDI has no samplers. A better converter will map the note data to piano sounds. You must manually reload the original XM samples into a sampler plugin in your DAW.
Using a converter is easy, but getting a usable MIDI file requires preparation. Follow these steps to ensure your output is better than the default. xm to midi converter online better
Have a specific XM file that breaks every converter you try? Look for a "XM to Sheet Music" tool first (like AnthemScore), then export that sheet music to MIDI. It is slower, but it catches polymeters that standard converters choke on. You must manually reload the original XM samples
OpenMPT is the industry-standard "Swiss Army knife" for module files. It provides the cleanest conversion because it reads the actual note data within the XM file. Have a specific XM file that breaks every converter you try
XM files are incredible. They were the lifeblood of the 90s demoscene and early game music. Unlike standard MIDI files, XMs contain digital samples (instruments) and complex effects.