No, Inno Setup is a full-fledged installer builder (compiler), that you, as a developer, write a script for. It comes with a built-in wizard to generate a basic script from a set of files you point it at, but that still needs some work to make it nice and clean. There are some 3rd party automation tools that can generate a script, or part of a script, for you, but eventually, installation of many software tools usually requires more than a simple shortcut to an exe file. And most software that needs to be installed comes wrapped in an installer, often using Inno Setup or an NSIS installer (that I have next to none knowledge of, except from using it to install tools on my systems

).
And for portable software, there are several ways of handling the 'install' process, indeed often just an unzip/create shortcut(s), but what if the user has his own home-brew starter/menu script?