It will do the opposite. Paint with aluminum flakes will make the imperfections stand out like a sore thumb, esp. on a darker color. If your bodywork isn't perfect, and you want the car to look nice, paint it white.....
Otherwise, keep sanding, filling, and priming and sanding, filling and priming, and priming and sanding, filling and priming, and priming and sanding, filling and priming, and priming and sanding, filling and priming, and priming and sanding, filling and priming, and priming and sanding, filling and priming, and priming and sanding, filling and priming, and priming and sanding, filling and priming until the panels are flat and smooth.