My friend, not at all. They are different things.
Signing an application is compulsory.
All you get with B4A(if you select it on Compile) is Obfuscation which is a precaution measure but an experienced cracker will always cope with your .APK.
Licensing library is an option. It's used to ensure only licensed users use your application. What it does is to ask via Internet Google Servers if this user has the permission to use this application. In my opinion, it's worth using it for paid apps only. What's more, this requires internet connection. In the case your application doesn't use internet at all, that could be unpleasant to users and they uninstall your app. However, if your app is parsing contents from the internet and it uses internet in order to function properly, then this library does make sense to use. To say it again, an experienced cracker can find the Licensing logic and remove it and distribute your modified .APK.
The topic has been discussed here on the forum and there is only precaution measure you can take, nothing else. If someone has the wish, they will crack your .apk.