Yes. That is the original intended use for that option. But it might be best for you to use a plugin to add your code. The WordPress Theme Reviewers has updated the guidelines and consider that functionality on a theme as plugin territory so the Custom <Head> Code option on my themes might be removed on future updates.
http://wordpress.org/plugins/search.php?q=google+analytics
https://make.wordpress.org/themes/2014/04/03/wordpress-3-9-guidelines-revision-proposal-round-2/