Yes, that is the main reason most people do it. Additionally it allows you to recirculate your wort into a whirlpool for a "hop stand" which essentially drops the temperature down to above 175F (180F or so) which is hot enough to isomerize hops but won't drive off volatile hop aromas, which have various flash points somewhere near boiling (from what I've read). Then when you're done with your hop stand, you can kick on your water and you're already in the position to chill.
A word of advice if you aren't used to cold break. Having a very efficient cooler like a plate chiller, counter-flow, etc can generate a lot of cold break that will be suspended in the wort. Now there's two schools of thought...lots of experiments...some people say pump it all straight into the fermenter. If you don't want it in your fermenter, I suggest killing the pump and letting the wort sit...say 30 minutes? All that material will settle and you'll be less likely to transfer it. Again many people say they get faster fermentations, clearer beer, etc from leaving it in the primary...it's your call; I just wanted to bring it to your attention.