No. As mentioned previously, gravity begins acting on the bullet as soon as it leaves the muzzle. Therefore, if the muzzle is level, the bullet will never go above the line of sight.
Sighting in a rifle is done by inclining the muzzle such that the bullet rises above, then drops back down to, the line of sight at a predetermined range. The arc of the trajectory then brings the bullet highest above the line of sight around midway between the shooter and the sight-in distance. This is referred to as the 'midrange trajectory.' Once the bullet reaches this point, it will drop continuously throughout the rest of its flight-dropping to the line of sight at the sight-in distance, and then exponentially below the line of sight from there on. Because of this, the bullet crosses the line of sight twice--once rising above the line of sight due to inclination of the bore, and again coming down to the line of sight at the sight in distance. The first time the bullet crosses the line of sight is usually between 20 and 30 yards for most centerfire rifles, depending on velocity, and the height of the optic above the bore. This is why when sighting in our centerfire rifles, it is standard practice for us to sight in for windage and elevation at 25 yards, then make corrections as necessary at the desired sight in distance. This works quite well with most hunting rifles and optics sitting ~2.5" above the bore (center of objective lens to center of bore). The higher the optic is above the bore, the further down range the bullet will initially cross the line of sight. For example, the 4x Trijicon RCO mounted on the M16A4 sits higher above the bore than most rifle/optic combination. This combined with a desired zero range of 300 yards means that the optics are initially sighted in at 36 yards. The BZO (Battle ZerO) is then confirmed on pop-up targets at 300 yards.
Rifling puts a spin on the bullet because modern spitzer (pointed) style projectiles are heavier towards the base than the nose. Therefore, they naturally want to fly base forward. Rifling imparts a spin on the projectile to overcome this tendency. The longer a projectile is, or the more dense the medium is that it is traveling through (air, tissue, water, ect) the faster it must be spun to be stable. Think of it like a top. The longer a top is, the faster it must be spun to remain stable. Once it drops below the necessary rotational velocity, it quickly loses stability. The same thing can happen to a bullet when it drops below the rotational velocity necessary for it to remain stable in a given medium, at which point it tumbles or "keyholes." While rifling can have a slight effect on linear velocity as well, its effect on external trajectory is minimal.
Think of it as throwing a football down field. Few people possess the arm strength and coordination to throw a laser pass dead-on much past 15 yards. To get the ball further down the field, it must be thrown upwards at an arc so that it falls to the desired target at a specific range. Imparting a spin on the football isn't quiet as necessary as the football is more balanced than most rifle bullets, but it still helps the ball fly more aerodynamically.