Absolutely. Yeast need oxygen and you can get more oxygen into the wort using pure O2 than you can get by other methods. I have the Williams Brewing wand setup, which doesn't have an O2 meter. I turn it on till I can just see the bubbles coming to the surface, then I run it for one minute.
"They don't think it be like it is, but it do." - Oscar Gamble
"It is what it is." -Erich Fried