Not exactly - if you mean to protect it from builder's boots, maybe, for a short period. If you mean to protect it from builders' pallets of materials, then it'll help - but again only for a short period.

Left covered for more than a week, or so, the grass is likely to be killed, or badly weakened. Also, plywood won't protect well from compaction by heavy equipment.

To be brutally honest, if anything at all heavy or light-excluding is left on your lawn for any length of time, it is going to damage it, if not kill it. We had nearly 5 months' work going on in front of our house, and I cried over the muddy, compacted remains of my lawn. A year on, and it had pretty much recovered, two years on, you wouldn't have known there had ever been a problem. Don't despair! Just treat it extra specially well when you can, spike to ease compaction, and give it a good feed when appropriate. You could be lucky!

True, anything other than basic common sense protection--i.e., "Drive over there, not here!"--does more damage than good, when continued for any length of time.

what plywood will do is help stop the ground getting made uneven bye machines boots etc and a tarp will help under it to catch debry . then all you have to do is reseed and airate instead of leveling etc .