Yep. And coupled with messing with the clock speeds (and maybe to a lesser extent memory speeds), you can pull much smoother framerates. For example, my Radeon card is able to run Control at very decent framerates but had slight microstutters that overclocking alone actually made worse. By undervolting the card and letting the temps calm down, even without an overclock it cleared that right up. In fact, in a lot of cases, a slight underclock in conjunction with un undervolt can actually maintain your fps (even raise it slightly) but make it even more smooth.
On top of that I run a custom fan profile. My Rx580 performs way above what it has any right too, it's actually amazing what I've managed to pull out of it combined with my whole system being set up right for gaming. And it's an old system by today's standards too.
It's why I maintain to people it's not always about upgrading and throwing brute force at everything, it's why it's taken me so long to even update my gfx card. I simply have had no need to, even with Cyberpunk coming out I'd happily be playing it on this rig.