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Bitcoin wallet works the same way as a bank account for traditional money i.e. stores your Bitcoin assets. And yes, it is a secure way of protecting your coins as there is a multilayered security system which is protected by a private key, and the key is only known by the owner. Unless you decide to publicize your key - which would obviously be a mad decision - your coins are completely safe.
A caution for beginners! to access your bitcoins in your wallet private key plays the vital role. Without it your wallet can't be unlocked and this is the indirect way of losing your bitcoins. So, wallets may keep your bitcoins safe but your careless can make you left with nothing.
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