Does learning specific songs help you learn, or does it only help you learn THAT song?

like if I master a song, will I become a better guitar player overall? or just be "that guy that can play one song well but nothing else"
depends on what songs you learn, in the beggining yes learning songs does help you but I find that now learning songs doesn't help me as a player I just learn for fun. I have to practice arpeggios and chord changes with a metronome going faster and faster to get better.