DJF, not really. The machine does calculate with TRUE track inside, however, the information supplied out to the various other aeroplane systems is converted to MAGNETIC heading for compatibility. There is a magnetic variation table (hopefully well updated) inside the IRS boxes.
What FlyingStone means is that some aeroplanes have a switch to change all navigational instruments / computers into TRUE track, which enables polar area navigation. The IRS do not care as long as they had been built to operate at high latitudes.
At least on the CEO Airbus generation.