No it doesn't work like that.
If you are just shipping between the developers you could jsut copy the .xnb file as part of your source. Of course unless you have a license that allows this you would be wise not to publish a game using this.
In general its best to use fonts with open licenses and then all your dev team can freely install the font.
See the font FAQ http://forums.xna.com/thread/6966.aspx
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