Yes, it undermines it.
PNCIMA is for the northern shelf. There are larger issues in terms of fishery sustainability on the west coast, some of which can be dealt with through a marine protected area process. Others need to be done by a fundamental restructuring of fisheries. It's applying the appropriate tool, at the appropriate scale, and over a time frame that will be effective.
Fisheries and protected areas are part and parcel of the same problem, but they operate at quite different scales, depending on the species and the management objective you're trying to achieve.
I agree with Mr. Pauly that certainly, if you read the fisheries literature, there is a problem with overexpectation. It's increased effort, lack of monitoring and enforcement, and compliance with catch landing. These are all other things that need to be addressed.