Yes, undoubtedly. His own commission had rejected it and then he overruled them.
But the threat wasn't 'we will invade', it was 'we will cut you off from external trade'. Boyer's government was very poor and very reliant on export tax.
Petion had removed all tax on produce kept in Haiti. Food made in farms and sold in the cities wouldn’t be taxed at all, only products sold at ports (at this point primarily coffee thanks to the decline of the sugar plantations) to go abroad would be. This was a very popular policy at the time as it reduced food shortages, though it had unforeseen effects in terms of forcing the government to be reliant on an export model in order to fund anything.
Boyer needed to increase the number of exports to increase his government's revenues. And to do that he needed recognition. It must be remembered that by this point, no other government in the world recognised the Haitians as independent and their desperation for that recognition fueled a lot of their mistakes.
France were saying a) if you pay this, we will recognise your independence and encourage an increase in trade (which did happen) and b) if you do not, you will never get that recognition and France would declare war and blockade the country, meaning external trade would only happen through smugglers.
France had no intention of landing troops, by all accounts, but they could still do damage economically.
Just much less than the economic damage of the actual indemnity.