No, it doesn’t.
It just increases shiny odds.
If you have a Pokémon hold a destiny knot, it will pick 5 random IVs from the parents to pass on to the kid. If a parent holds a power item, it passes down the IV of that stat to the child. If you breed a 5IV Pokémon with a destiny knot and a 6IV Pokémon with the power item of the other parent’s imperfect stat, the child will always be atleast 5 IV.
You can also pass down the nature to the child by having the parent hold an everstone.