Does better forecasting eliminate the bullwhip effect?

No, and this is the most common mistake. A better forecast at each tier marginally reduces local variance but doesn't address the translation problem between tiers. Bullwhip lives in the encoding chain, not in any single forecast. The teams that have actually reduced bullwhip share the raw demand signal and run one model on it, instead of running a better model at every node. Forecast accuracy improves as a side effect; it isn't the lever.