From what I can tell, definitely yes.
I just took the GT3 RS for a few laps around Dragon Tail. Even at default traction control level it's an extremely tail happy car (much more so than in Assetto Corsa - where it's my favourite car - and Project Cars 2), but I haven't had a slide yet that I couldn't catch or balance better than practically any slide in any racing game from the last several years - hell, it made DriveClub look difficult. Still worked perfectly with traction control at 0.
I have increased my steering sensitivity to 7 (I was at 4 before) and I think I like it better at this max setting. But I also tried with sensitivity at 0 and it still worked great.