I think so. I did it about 3 times a week for over 18 months until I packed in the gym membership at xmas.
Sometimes miss it. There's no substitute for real road riding but it certainly supplements it.
I didn't bother joining in on any of the 'hover' and 'squats' moves though - they are in no way cycling related or beneficial and can do harm. Thankfully very few instructors included them at the sessions I used to attend.