A properly crafted release would include provisions that could call for the other party to be penalized (financially) for bringing this to court, which could help to prevent a lawsuit from being filed in the first place. So, yes, a properly worded/crafted release could go a long way towards preventing a lawsuit.
I'm aware of no authority in any jurisdiction that would allow a party to be penalized (financially or otherwise) for suing notwithstanding the existence of a waiver/release. A properly written waiver/release may deter litigation and may provide a basis for a defense. Saying more than that is too much.