Does "pay off" mean "succeed"?

In this case yes. In this usage, a "pay off" is what happens when you take a successful risk. If you place a bet and you win, the bet "pays off".

Yes...kinda
To be more exact, it infers success, but doesn't necessarily mean ultimate success.
I general, one may achieve a payoff for effort or investment but not reach the degree of success desired.
The New England Patriots got a great payoff for the hard work they put in during the 2011-2012 football season, but they did not win the championship.

Thank you both.

It means to produce a positive result.

It means to be worth the effort.

"All my extra studies paid off. I passed my exam with top marks."

I disagree with both of these posts.