Does cardio actually help you lose weight?

I'm 5'4" and 150lbs (so just slightly overweight). I've been running for a few weeks now trying to train for a 5k, although I've been going very slowly this time because I got overuse injuries on both my knees shortly after I started initially. So I'm not worried that I haven't seen any weight loss yet. If it matters, I walk/run for about 30 minutes, 2-3 times a week - running as long as I can and only walking until I catch my breath.

I recently decided to go to the gym in between running days to cross-train - and also because I want to strength train my upper body. I discovered this machine called the arc trainer, which is something like a cross between an elliptical and a stair climber. Easy on the joints but burns lots of calories (around 700 an hour). I'm in love with it.

Anyway, what do you guys think? If I run 2-3 times a week, and use the arc trainer another 2-3 times a week (I only used it for 15 mins, which burned 170 calories, and then did arm exercises afterwards), can I expect results and if so, how soon? And if not, how should I modify my workouts?

If it matters, almost all of my extra weight is in my stomach and thighs. My hips aren't too bad.

Also, I've been using My Fitness Pal to help count calories, but it only allows me 1270 calories a day. Is that enough? I have a hard time sticking to it. I am prone to low blood sugar, so I can't really go hours without eating between meals.
Does cardio actually help you lose weight?
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