Interesting question. So far as I can tell, the answer is yes & no. I tried this script as a test...

code:
$objUser=getobject("WinNT://@domain/testacnt")
? $objUser.name
? $objUser.PasswordExpirationDate
$objUser.PasswordExpirationDate = "10/30/1998 10:00:00 AM"
$objUser.Setinfo
$objUser=getobject("WinNT://@domain/testacnt")
? $objUser.name
? $objUser.PasswordExpirationDate

It changed the PasswordExpirationDate well enough, but not to the date I specified. It instead used the Default Schema property for MaxPasswordAge and pushed the expiration date out 90 days.