Yes, but remember that just because your files are stored in the cloud does NOT mean they are backed up. If you delete a file by accident, then it could be gone forever. Therefore, I make sure to back up all my files separately.
I haven’t found an automated solution yet to back up my iCloud files, so I use an app called Documents by Readdle. Once per month I download all my iCloud files and use the Documents app to zip them into a single large zip file. Then I upload that single file to OneDrive and store it in an Archive folder. That way everything is duplicated.
Obviously if you have large amounts of media files, then that will not work. But for work files (Microsoft Office, PDFs, etc.), this works very well. I have around 2 GB of work files, and the entire zipping process only takes a couple of minutes.