
Not quite. ILS systems fall into various categories - I forget what they are but they range from autoland to 'you do most of the work'
In the middle you have two categories - 'localiser only' and 'localiser and glide slope'.
The first just controls aircraft heading - ie it keeps the aircraft lined up with the runway centre line. You have to control altitude by reference to visual cues - such as the PAPI/VASI approach lights, or anything else for that matter. If you maintain a level attitude you'll end up overflying the airfield!
The second controls heading and altitude - once the localiser and glideslope have been intercepted (watch the indicators on your HSI or VOR1) the ILS brings your aircraft down on the ruway heading and on an angle of 3 degrees if it's a standard setup.
But it doesn't control airspeed - only autoland does that. So you have to either adjust autothrottle during descent or control airspeed manually. Most real life pilots will take manual control of the throttle before switching from ILS (autopilot) to manual for landing.