Simple answer “yes”.
However, please note that this won’t restore any downloaded content from purchases made through the in sim marketplace as they are stored in the “officia\OneStore” folder rather than the community folder. So when you say “all my scenery back” then it will apply to all scenery stored in the community folder.
It is worth noting that it is also possible to prevent a full re-install/download of all the packages (including the market place purchases- if any) by changing the default location of the installation path for MSFS.
More details in this guide: