Food Safety - Infused oil with dried herbs
Per the University of Ohio Extension, yes, it does reduce the risk (emphasis added):


  Flavored oils also can be a concern if not prepared  correctly. When
  herbs, garlic, or tomatoes are placed in  oils, the botulism spores on
  the plant material can start  to produce the toxin in this anaerobic
  mixture. To be  safe, keep these flavored oils refrigerated and make
  only  the amount of herbal oils and butters that will be used  in a
  few days. Using dried herbs and vegetables will also  reduce the risk.


Still, reduce is not eliminate.   The guidelines to not can or hold the oil for long term continue to apply.