Yea absolutely. I've used it on a few projects. The workflow is slightly different since the stories on the the simulator/device but, you get all the same benefits.
Can you elaborate on the workflow you use? The web storybooks can be hosted which makes it easily shareable with anyone but the RN version cannot be shared easily - we need to build the storybook and run it inside the simulator.
The distribution mechanism is different. The Stories can't be hosted on the web but, you can embed them in the app itself and give people access to it with a dev mode flag.
This is if your components are in the app’s codebase itself and not in a shared components library. The workflow there gets a bit messy IMO since you probably need to then maintain an entirely separate RN app just for the storybook in that component library’s codebase, which leads to a decent amount of redundant work when upgrading RN versions.