It won't circumnavigate banding implemented by the camera itself, it's just that of the ProRes options, ProRes LT will band the least. Anything higher (ProRes, ProRes 422, ProRes HQ, ProRes 4444) will only add more banding.
The best way to eliminate banding is to set your contrast in-camera (ie not shooting flat) and making little to no adjustments in post. You might be able to get away with shooting flat in some circumstances with irregular tones (trees, busy shapes, etc.), but as soon as a smooth gradient appears on screen (sky, wall, etc.) you're hosed.