from experience its a bit more complicated then a simple yes or no response. a generic basic answer is yes but you have to consider a few things.
firstly you have to actually be spotting and realizing what the decent players are doing to you and other players.You have to be switched on paying attention and thinking why did they do that?
if you read a basic pattern like copy ABC what they do it wont end well. you need to adapt it to the circumstances and understand the reasons why. This brings me onto the next point, in tougher games players make more sophisticated plays, and bluffs. against some fishier players these bluffs will never work as the fish cant fold, further they may not recognize you slow playing try to look weak and might take a more passive line.
the risk of learning from better players is you suffer from fancy play syndrome and try to use it against players that won't think on that level and you lose more or win less then you should.
if applied right yes it works, and will improve your game, I found some of the regs in my game recently started exploiting a certain tenancy of mine so I will adapt and have a rock paper scissors war love those.
Now I can spot players that have the same tenancy I did and use that same method against them it would work. I have learned from how decent players exploit me to make my game less exploitable and learn how to do that to others that have that same potential leak.
However playing that way against the average player is usually a leak not a strength.
If you sat down at a $2000 NL table I doubt it would be much utility as the play will be beyond you, and most of the moves will be above your head. However if you play the next level up from where you currently play you will find the regs at that level have found leaks in regs from your level jumping up and you will be able to spot that with the right attention and do that to the regs from your level.
always remember though keep a track on regs many times i have come up with ways to exploit them and been happily enjoying it until they pound my ass for it at a later point. regs very often can and will spot how you have adapted and re adapt to you.
its usually a case of rock paper scissors against regs.
but basically my post summed up yes playing better players will improve your game if you can review things honestly understand and apply it but remember to keep it relevant.