Yes but no feature updates, so for example LTSC 2021 is "stuck" on 21H2 from 2021. But it gets the regular security and bugfix updates, last one was June 9th
See here (Enterprise and IoT Enterprise LTSB/LTSC editions):
Technically it can break some apps if they are hard coded to only work with 22H2. Probably happens with some video games and anti cheat software ("always needs the latest update")
There is a Windows 11 LTSC version which works the same.