[jaclaz]

Generaly speaking, yes, BUT the design needs to be taken into account.

A window (good as it might be) is "worse" than walls (besides being much more costly), the modern design trends are for extremely huge windows, that (whilst they give much more light, which expecially in northern climates is a wanted feature) are a problem, from a thermal viewpoint.

The typical size of windows in "normal" houses varies (depending on countries) like 1/8 to 1/12 of area of the floor of the room they are in, modern designs can be often 1/5 or 1/6, it is clear that the less amount of window surface you have the less relevant are its characteristics, and you have to consider also the effect of shutters or similar.