No, the foreign income that is excluded on Form 2555 does not flow into Form 1116 for a Foreign Tax Credit. On Form 1116, you only report foreign income that was not excluded on Form 2555 and that you paid foreign tax on (which can be entered in the FTC interview or directly on the worksheet/form).
Some taxpayers have only Form 2555, and some only Form 1116, and some have both, depending on their individual tax situation.
Here's more info on Form 2555 and Form 1116 Entries in TurboTax.
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