Yes, if one trains with realistic application in mind.
Understanding the different purposes for different types of training is necessary. Often, practitioners - or those watching - mistake a drill for an application, but this should be differentiated.
Drills create neural pathways, muscle memory... essentially they build artificial reflexes so that if done with the correct form, consistency, and focus, eventually they can be the basis for legitimate self defense movements.
All kata (form) has this potential, but often the middle of the effort (still in the learning phase) can be mistaken for the last step, which means that when pressure tested the movements aren't always effective. Although beginners have plenty of success stories to share!