Yep. But I usually use it as wad/bullet lube. Equal parts of deer tallow and beeswax melted together, with just a splash of olive oil to soften it. If you pour a little bit on wax paper, let it cool to room temp. It should bend just a little bit before cracking. You want it slightly pliable, any more oil and it seems awful greasy in hot weather.
In winter, I also use straight deer tallow as patch lube in long guns. Spread some on a strip of patch material like buttering bread, and roll it up with the tallow to the inside. In the pouch it goes.