If the question is pertaining to "group policy editor" (gpedit.msc) than the answer is no. Windows 7 home premium does NOT come with gpedit.msc. There are supposed hacks that claim you can install and operate gpedit.msc, but they require you to download and install hacked files from an unknown and un-certified source. These files will modify your registry and claim to allow the home premium edition to run the gpedit.msc program. Who knows what else they are doing to your system. I do not trust root level hacks by unknown sources as they are simply too risky. They can often contain Rootkits with the ability to capture keystrokes which will to collect your email, bank, or any other personal information. They will often turn your system into a bot which the remote person who wrote the malware can use to to store illegal data on your system or to use it for DDoS attacks and numerous other forms of illegal activity. Which can get you in trouble. In other words, if you need gpedit.msc (group policy editor) than you're better off purchasing Windows 7 professional edition.
As Mat has responded, NO it is not. It is part of Microsoft Office. Check their website to see which version does contain One Note. It's a cool product. I used it a lot before I retired to track many things for my work.