No, it doesn't. I remember doing this when I was young, and it literally made no sense. Why would you be making children, especially ones under the age of like 12 who don't understand the implications of what they're saying do this?
The kids in school basically just memorize and regurgitate it, time and time again. This isn't any sort of real "pledge". And by God no one has any right forcing minors to take some kind of oath on a daily basis.
You want to instill pride in a country? Make government officials accountable for their actions. Equality before the law, and we need far less inane laws and rulings.
Like anything else, respect for a country should be earned. What amounts to brainwashing children is not how you get real respect.