Juzz, at first glance, you would think so, but actually not. The nitrous serves two purposes. First, as an antidetonant, cooling the air fuel mixture similar to the water/methanol mix. But at higher alts the nitrous, which has a high oxygen content of its own, replaces the oxygen that is absent at the higher alts. The "thinner" air at high alt decreases the ability of the air-fuel mixture to combust efficiently, thus the decrease in engine performance past a certain alt. The nitrous fixes the problem. The supercharger shoves more air/fuel mixture in to the engine than a normally aspirated engine, and the nitrous makes it a more oxygen-rich mixture.
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Skorpyon
I/JG2 ~Richthofen~
"Feel the Sting......"