Yes.
In my experience, even with GPS and managed/managed in a straight in VOR approach I fly very often the airplane is far from an "ILS like" profile.
Circling is a visual approach. Any FMGC data must be used only as cues, never as a command, like the G/S of a glideslope.
The donut sometimes is wrong, specially if the waypoints are not correctly secuenced or you are not in the green track.
Many don't understand well the donut. The donut you see from the TOD is a geometrical path and it is not perfect. And it can be misleading if you are not flying a similar lateral route or you are flying at a different speed. I often see guys extending spoilers believing they are high, and they have just decelerated earlier. Even the airplane in DES mode will chase the donut in a very nasty and untidy way, very often, even with accurate winds. The donut is not an energy level, since it assumes a given airspeed, not your actual speed.
In the case of a CF leg, provided the waypoint TO (in white upper right ND) is the rwy threshold and you are on final, the donut should be a good cue, to use along with the ND map, the progress page NM to threshold, any DME available, altitude minus elevation, PAPI or VASI if any and even "seat of the pants", too.
If you are not aligned with the runway, I don't know if the donut behaves similarly to an ILS G/S but I don't think so.
In the FCTM there is more about the Circling than it is in the FCOM.