Yes. I have made plenty of cheesecakes without a water bath, and truly, I just prefer the texture of NY style cheesecakes with them. NY style cheesecakes can be dense. A water bath helps keep the filling velvety while also acting as an insurance policy and adding more moisture while baking. If you overbake the cheesecake just a bit, this is very helpful. While the texture of overbaked cheesecake is not very good, the extra moisture can keep it from drying out and/or cracking. Setting up a water bath is super simple and foolproof provided you have just two important things – a large pan to hold the cheesecake pan and heavy duty foil.