No, that does not make sense. It also does not make sense to forego the 401k contribution just to pay down the loans either (but I'm sure some risk-averse person will come along shortly to dispute that).
By contributing to your 401K, you are gaining an immediate return equal to your marginal tax rate (minus the present value of that amount times your marginal tax rate in retirement), in addition to market returns. Both of those things tend to be larger than the return you get from paying down a student loan. You could argue that adjusting for risk changes things, and it can, but even disregarding the investment returns, the current-year tax advantages are still risk-free and significant.
Personally, I only throw extra money at my student loans after my HSA, 401k, and IRAs are already maxed out.