Yes, of course. Turning the screen up is the easiest way to amplify a low powered computer VGA output (.7 volt) to the 4-5 volt range required by an arcade monitor.
For those of you interested in the other control ,if your picture is out of focus, play with the focus control too. Focus will work by one way of "perfect" shifting the picture horizontally blurring it, and on the other side of "perfect" shift it more vertically. Just wiggle it back and forth until you don't notice it "blooming" left to right or up to down and find that sweet spot in the center. (Usually it's a bit wide sweet spot to the human eye.. don't worry about getting it 100% exact, you'll drive yourself crazy trying to center it, and it will of course vary a bit based on how long it's on/etc..)
Note: For arcade monitors, the focus/screen controls MAY NOT BE directly on the flyback housing, but either a separate control mounted immediately next to it, or off to the side. But it's very easy to spot.. a large plastic facing with 2 philips screws with thick red (or sometimes black) wire(s) going out of it up to the neck board.