Yes, but only under the right circumstances. For instance, if your card is stolen and the thief uses your card at a check-out terminal in a store, they will not be prompted to provide the CVV. However, if your card number is stolen without the CVV, your card can’t be used to make online purchases and the like.
The CVV provides additional security for online purchases. But most in-person purchases can be made without the need for the CVV.