Yes, and I'm certain that is the intended purpose of the feature: a logical extension of the summary-by-month and summary-by-year archive views, although for some reason the summary-by-year display doesn't offer the before/next links supplied for the others...

Of course when used for quick-paging purposes it introduces a risk of missing out on potentially-taggable content 'beneath the cuts', but none of those early posts had any user cuts anyway -- MySpace didn't have the concept!