No, it is only for Antenna TV and Streaming.
Currently when going through the initial setup procedure, prior to the 'Channel Scan', you will see a screen that gives you the choice of TV Tuner or Cable. If you choose 'Cable', your guide will not work properly. (That 'Cable' choice will likely be eliminated in a future Software Version.) Select 'TV Tuner' and continue with the channel scan.
Please note; ‘Live Channels’ is a Google implementation, in collaboration with Channel Master. Channel Master is not responsible for ‘Live Channels’ functions or issues. All Guide data, logos, and images are provided by Google. Any Guide data issues & questions, and bugs should be reported to Google.