Absolutely, and may I add that the world may have to flatten out a bit as its curvature is a consideration. Also the range stated on a chart may be more realistic if seen from the bridge of a ship.
Actually, this is how the distance calculation is made. You can tell how far off shore you are if you know the height of the object on land and your height off the water. Based on the curvature of the earth the top of the object will just start to come into view at calculated distance. Man, I took an ASA navigation class just last winter and already forgot a lot of this stuff.