Yes and, if your canopy doesn't fill the grow space completely, it could work out better.
A photon is a photon is a photon. They're all the same whether it's from a candle or from the big flaming ball of gas in the sky or from a Bic lighter at a concert. The only difference distance makes is that the photon took longer to hit the plant.
What is different is that, by raising an LED grow light, the photons have the opportunity to bounce off of the walls of the grow environment and, if you don't have a full canopy, that a can help get light to below the canopy. As best I can figure out that's the idea behind the marketing term "penetration" (the percentage of photons absorbed by a leaf is so high that no usable PAR can reach below the canopy unless there is a hole in the canopy).