Nope, this only affects the animation speed of units in combat.
I think the out-of-combat movement speed can be changed, but in a different file.
For example, "archmage.atom" has all the unit abilities and the in-combat animation speed, but "army_archmage.atom" seems to have the out-of-combat data (including turn_speed, walk_speed, run_speed, aggro_sound).
I've only modded the in-combat animation speeds, so can't say how accurate the "army_archmage.atom" hunch is.
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