No. Decrypting isn't everything AnyDVD does. And if you ever watched a HD DVD disc, you really want the "skip FBI warning and other bullshit" option.
Some HD DVDs don't even play on PC players, because of wrong parental settings and bugs in the player software.
I am currently learning how navigation works on HD DVDs, so Blu-Ray support may be added when AnyDVD HD is finished.
Or Blu-Ray support won't be added at all. I don't know yet.
AnyDVD HD is currently a program to "watch high definition discs on a PC", not to make backups. Where would you make them? On writable media more expensive than a second original disc?
With AnyDVD HD you will be able to watch HD DVDs without a new HDCP capable graphics card and a new HDCP capable monitor.