Does Sleep(n) with n>0 relinquish CPU time to other threads

Using VC++ 13 under windows, the on-line help states that using Sleep(0) relinquishes the remainder of the current threads time slice to any other thread of equal priority. Is this also the case for other values? e.g. if I use Sleep(1000) are 1000ms of CPU time for the core on which the current thread is running likely to be usable by another thread? I imagine this is hardware and implementation specific, so to narrow it assume Intel I5 or better, Windows 7 or 8.

The reason for asking is I have a thread pool class, and I'm using an additional monitor thread to report progress, allow the user to abort long processes, etc...