No, it does not apply. The verse says: Say, shall I inform you of the greatest losers in deeds.

Those whose efforts were lost in the worldly life. He asks: does this apply to someone who is involved in knowledge?

And is not truly among its people, meaning he openly commits sins and other things. This may apply to him, as the Prophet ﷺ said: Whoever pretends to have what he does not have is like one who wears two garments of.

Falsehood, meaning he claims to be a student of knowledge but is not.

Likewise, may Allah guide him. Allah is the one whose help is sought.