Partially. A loose ring is gentle because the rings will slide and keep the mouth piece in the same place, resting on his tongue instead of the possibility of pointing up and into the roof of his mouth.
A loose ring Billy Allen mouth or a 3 piece mouth will be the most gentle in terms of the mechanical action but no matter which you choose it ultimately comes down to your hands and how gentle you are.
I once read in a hunter/jumper book that riding horses in a loose ring is sometimes nicer because it shows how responsive a horse is as loose ring allow the horse to play with the bit more. Those bits are also some of the more gentle bits out there and can be a good representation of the amount of training you have put into the horse.
It's easy to adjust to any other type of bit if you start with something that's softer on their mouth. With good training with most horses you shouldn't need any more than what this bit offers.