No. One theory is that the word "Golf" actually comes from the dutch word "kolf" meaning "club".
The idea that the game of golf is derived from "Gentlemen Only, Ladies Forbidden" is an urban legend. The word "golf" first appeared in the 15th century. There are several theories as to where it came from, but no one ever suggested the acronym theory until the 20th century.
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Gentlemen only ladies forbidden
Sadly...This is not true. Acronyms have almost no recorded existence before 1900 (the word does not exist until 1943) and do not come in to common usage until WW II.As to the origin of the word golf; it may come from the Dutch kolf meaning a club although this does not appear in written sources unti after the 1457 appearance of golf. Similarly the Scots word gowf, meaning to hit, probably derives from the game not vice versa.
Gentlemen Only Ladies Forbidden - supposedly how the game was named, but that is an urban legend.