Yes, but it excludes some sets. It's really random which ones end up being excluded. Usually, it's the larger, more exclusive sets, like, the Disney Train and Castle set were excluded, and the larger Star Wars sets like the Millenium Falcon and Star Destroyer are excluded as well as some special edition sets.
In general though, it applies to most purchases. We use it all the time, but first make sure the set isn't cheaper on
Amazon (sometimes
Lego is 30%+ discounted on Amazon).