Yes, say all health experts in unison as gathered from several reports.
Even though there is a decrease in neutralizing antibodies in vaccinated people when exposed to BA.4 and BA.5, there is a stark difference in the drop from those who have not been vaccinated.
A study out of South Africa has found that people who have not been vaccinated experienced an eight fold decrease in neutralizing antibodies when exposed to BA.4 and BA.5. Among those who were vaccinated, the drop was three fold only.