Well, sort of. The specific point Justice Oliver Wendell Holmes was making is pretty much the same as how it’s used today: some speech is so obviously harmful that it can’t be protected by freedom of speech. The problem is that Holmes was using it as an example of what even “the most stringent protection of free speech” would leave unprotected, and he went on to interpret the First Amendment rather less stringently, ruling that it didn’t protect anti-draft flyers.