From my experience in Biochemistry and NuerobiologyNeurobiology (and I'm assuming most Biology and Chemistry fields).
Unfortunately, in the US, no it does not help in completing a PhD sooner.
Sometimes a masters is necessary for a person just to get into a PhD program, depending on the person's history and the program.
It would help if the PhD had some requirement of a certain level of understanding or even amount of research work, but instead a PhD tends to just require an amount of time as an indentured servant to your PI - and that amount of time doesn't change if you have a masters. Although, if you're clever and a good salesman maybe you can convince your PI and committee that your masters time should count toward your sentence/years of labor.