Absolutely. These lists are created by server admins who collect what the firewall rejects, much like you see with the Pi-hole. They’ll automatically block some ads and many threats too. Another tip if you’re using Librewolf, Mullvad browser or Firefox with uBlock, enable more of the filter lists.
The amount of times I’ve seen people request help because Pi-hole was not blocking/functioning properly, well a hosts file just ensures nothing leaves that you want blocked. Besides, you may have different machines set up to be strict or permissive depending on their use case.