Yes, but similarity alone is not a guarantee that words are related. The words val and [h]val are not related in Swedish, even though they ended up with the same pronunciation and spelling in the modern language. Sometimes, words can end up as "fossil words" because the main usage of the word was lost.

https://en.wikipedia.org/wiki/Fossil_word

This can also happen to word roots. Because this is about a historical word, it's interesting to look at the broader Indo-European language tree for clues about the original meaning.