No. ML basic numeric type is the floating point double which around zero has roughly the above magnitude of precision.
You'll have to set values less than your chosen threshold to zero explicitly.
The round function with the optional second option could be useful tool in this, but simply
x(x<threshold)=0;
will avoid the rounding that occurs in it. Of course, you'll want to use abs to get both positive and negative sides of the rounding that will likely occur.
You might also find ismembertol of use depending upon your actual code.
