Yes.
Usually I will just fly it in normally, but there has been a rare time when I am flying it in an I can't find it in the sky for whatever reason (I'm surrounded by trees). So I can switch to home lock and guide it in overhead, provided I know it's high enough. That's the beauty of home lock. Regardless of where it is, pulling down on the right stick will bring it over the home point.
It's slow though, at least on my P2V. Top speed in IOC is about 12 mph.
Another really cool feature of home lock which hardly anybody ever mentions (Tom's Tech Time is the only exception I've found) is the ability to make the craft circle the home point. Once the craft is far enough away, moving the right stick to the left or right will cause the aircraft to circle the home point counterclockwise or clockwise. In other words, it will move to the left or right, but it will do it without increasing the distance from home point.