I'm not au courant with Python, but I think the answer to your question is "No, by default". But you can fix it.
I hit this recently, when I tried to build a program on a USB device. I unpack the TGZ file to a directory on the flash drive, then tried to do the usual "./configure". But it wouldn't find the script. Note, BTW, that the only thing on the flash drive was the "configure" shell script - the actual executable (/bin/sh) was still on the SD card, so you'd think it would work, But it didn't. I quickly figured out that the problem was that external media gets mounted by default with the "noexec" flag.
However, I was able to get things working by doing (as root):
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# mount -o remount,exec /dev/MyFlashDrive
After that, ./configure worked as expected.
I assume the situation with Python will be similar.