No. Google Play will try to download the full 4GB OBB on top of your compressed one. You must manually find a new "fixed highly compressed" pack every time EA releases a version update (roughly every 6 weeks).
Standard installations from the Play Store only download a small loader (~100MB), requiring you to download the bulk of the assets (tracks, cars, and high-res textures) after the first launch. A "fixed" highly compressed OBB offers: