Yes.
In a sense, Latin is to the Romance languages as Old English is to English (except the affinity is even closer—English has shed much of its Germanic vocabulary in favor of Latinate borrowings and Old English can appear quite foreign to the modern English speaker). Vulgar Latin, as spoken across Europe in Late Antiquity, is the direct predecessor of the modern Romance languages of Italian, French, Spanish; they are, in linguistic terms, the daughters of Latin. Knowing Latin is helpful to learning the Romance languages and can also help with improving one’s English vocabulary (in terms of better understanding the origin of English’s many Latinate words).