Not completely. The gravitational force is just right to maintain the radial force imbalance (equal to the centripetal force) in order to allow the earth to have a circular orbit. In reality, the earth, as most orbitting bodies, has an elliptical orbit, so the work is not zero at any one time interval except for the complete period. The direction of motion in an ellipse is not perpendicular to the radial force vector from the central body (hence for half of the ellipse, the planet picks up speed, and the other half, it loses speed). The ellipse is also stable over time because there is no loss of energy due to gravitational work because it is a conservative force (any work against it is returned). The work being 0 for a circular orbit does also imply no energy is lost. Of course the orbit of the earth is degrading for other reasons...(nothing to worry about)
