Yes, orthotic insoles keep the foot in its neutral position by providing optimal arch support, preventing over pronation and aligning the foot with the body.
When the body is aligned, the feet, legs, hips and back fall into place, foot pain decreases and the foot and body are less prone to injuries and problems.
Note that good and effective insoles are made from high quality materials that are able to distribute shock forces, prevent them from moving up to the legs and back and provide cushioning, thus softening each step and protecting the foot.