Probably not. The Giant says in one of his WaX commentaries that Xykon actually respected Roy "in his weird way," implying that he was serious about his offer to let Roy down somewhere and let him train up some more for a "final boss fight." The offer was consistent with what we know about Xykon's personality, after all - he's bored and is always looking for something fun to do, and wishes he could have more interesting fights - so I take what he said there at face value.