No, it doesn't in any way excuse what Clinton did. The point is to call out the hypocrites who had no objections when Bush did something, but loudly complain about Clinton doing the same thing (and vice versa).
Calling out the hypocrites accomplishes exactly nothing--the required solution is to actually PUNISH someone for their bad behavior. It doesn't matter if where you start is a democrat or republican, liberal or conservative, white or black, male or female, etc. until you start actually DOING something about the problem, you will continue to see the same bad behavior.
When we've reduced the entire conversation to "$PERSON did the same thing" "You're a hypocrite" we've ensured that nothing will change.