The rifle or the package deal?
The answer is both yes and no. The rifle itself is up to some astounding accuracy. My .308 and .223 bolt rifles are both Savage. When fed a load they like, both are accurate beyond my ability to make full use of it. I've shot the .308 out to 500yd and the rifle was still grouping not much over MOA, about six inch groups. The .223 will do two inch groups at 300yd, I've never shot it farther than that. Obviously, these were shot from a bipod and benchrest.
The things that make a "sniper" rifle are a good rifle, rock solid mounts and rings, a clear and repeatable optic, a stock fitted to the user and a load tailored to make use of the hardware. The skill to use these doesn't come off a gunrack, though. I'm a fair shot with a rifle and don't even come close to the skill of the one actual sniper I've known. He made me look like a six year old with a Red Ryder.
The action and barrel would be the only things worth keeping if you really wanted a "sniper" rifle. You'd be better off buying a wood stocked .308 and going from there. Then I'd expect to pay as much for an aluminum bedded and free floated stock as I did for the rifle, A few hundred getting set up to reload for it, and somewhere around a grand for a durable, clear, repeatable optic with the reticle in the first focal plane. Figure forty bucks for rings and anywhere from fifty to a hundred for a base with at least one MOA elevation. Then you're going to need an inch-pound torque wrench to assemble everything. You've got to torque it so it will repeat when you pull the action for maintenance. A lapping bar to lap the rings true. I'm sure there's more, but it would be way beyond my experience.
