Yes. Take a look at [it's implementation](https://github.com/edx/edx-platform/blob/66ecbc9e6e8f263fd7b5702ff42f40264c606f9a/common/static/js/src/accessibility_tools.js#L1600). You can see that the `value` is wrapped in `$()`, which can deal with HTML strings, DOM elements, or jQuery elements.