Not really, no. Just because Sega owns Atlus USA doesn't mean they'll automatically allow them to get the rights to localize their games.
Localizing a game from a publisher with no western presence like Spike Chunsoft is easy because the licensing contract is up for grabs. But with big bloated companies like Sega, they will firmly keep the rights for localization to themselves and will rarely license them away, even if they never plan on localizing it themselves.