Barely, certainly nothing like the Chicago/Mississippi style Cream was known to imitate. It's more of an old-timey jazzy soft-shoe workout. Here's somebody's opinion of it...
Ginger Baker agreed with the disappointed fans, “Wrapping Paper’ is the most appalling piece of sh-t I’ve ever heard in my life! I was totally against it, right from the start… Eric and I didn’t like it.”
(Chris Welch, "Cream: The Legendary Sixties Supergroup")
Well, which is it going to be? If the Stones were a bad imitation, it was an enthusiastic imitation, within the limitations of being half a world away from the culture that spawned it. I don't think they sat down in 1962 and plotted to take over the world and get rich by playing that sort of music. They played it because they were obsessed with it. On the other hand, Cream was taking the blues in another direction? Which direction was that? Even further away from the "real blues" of Chicago, Mississippi, Louisiana, etc., that the Stones were doing, to the point that it was a mutation. A mutation that some came to call "heavy metal". You resent that it took British musicians to expose and popularize the music with American kids? What American bands were doing that(aside from Butterfield, who wasn't a recording entity in 1964, and once he had a band, wasn't exactly Top-40 fodder)? What were you and your compatriots doing at that time to reach the audience that The Stones had when they covered "King Bee" and "Little Red Rooster"? They fought with TV show producers to make this happen...