Yes.

It worked great when I was shopping for a bike. I measured my old bike with a level and a weighted string. (It's easier with two people. Stack & reach are center-to-center.)

Stack and Reach
I use stack and reach to compare different bikes. It determines where the bar will be placed relative to the crank axle (bottom bracket). So it's easier to see that the bars on Bike A are 2cm farther forward and 1cm lower than Bike B, for example. Most sizing charts include stack and reach along with the other measurements.

(Seat tube angles can be a little different from each other, which positions the saddle forward or backward. But that can usually be compensated by moving the saddle on it's rails.)