The short answer is YES.
The long answer digs into the weeds on how the transmission functions. These transmissions combine a 3 element torque convertor and a hydraulically controlled 3 speed and reverse planetary gearset. Dual Range transmissions are equipped with a one-way clutch incorporated into the planet gear pinion carrier. When in the D1 position, the engine torque is delivered to the front clutch. The torque reaction of the one-way clutch causes it to lock up and hold the drum stationary, thus creating low or 1st gear. At the 1-2 upshift, the front servo is engaged, and as soon as the front band picks up the reaction torque, the one-way clutch will start to free wheel and the transmission will be in 2nd gear.