Does increasing my iCloud storage actually increase the amount of overall storage on my iPhone 5?

Hello,

I have an iPhone 5 and its at full capacity. Mostly due to my large music library. I noticed I can increase my iCloud storage to up 50GB with yearly payments. Does this increase the overall storage on the iPhone 5? Essentially, I am trying to increase how much music I can hold on my iPhone. If I add 10 to 20GB of iCloud storage, will I be able to add more data (audio files) to my iPhone?