No. Similar to "Return of the Five Deadly Venoms" (real film title: Crippled Avengers), "Destroyers of the Five Deadly Venoms" only features the actors famous for their Venom roles but the film itself has no storyline connection to The Five [Deadly] Venoms. The original title of this film is "The Magnificent Ruffians" and it seems that for the North American release, the title was changed to "Destroyers of the Five Deadly Venoms" just to cash in on the success of the original Five Venoms film.
