Yes. While both preprints and journal articles enable researchers to disseminate their findings to the research community, they are complementary in that preprints represent an opportunity to disseminate at an early stage.
In most cases, the same work posted as preprint also is submitted for peer review at a journal. Thus, preprints (rapid, but not validated through peer-review) and journal publication (slow, but providing validation using peer-review) work in parallel as a communication system for scientific research.
In many fields, the majority of journals allow submission and citation of preprints. To get a sense for preprint policies, you can check SHERPA/RoMEO, Transpose, or Wikipedia’s List of academic journals by preprint policy. However, before submitting a manuscript, always check the journal’s website for recent changes or any nuances of their policy.