Yes, but that comes with a pretty heavy asterisk - driver salaries are not included in the cap for example (which will be extremely significant for the top teams), nor is marketing. Still, I think it's a step in the right direction for the sport - having a cost cap in place now lays the groundwork for tighter restrictions in the future.
As another comment mentions above, there are now budget caps, which affect every decision a team make. For instance, one of the Mercedes drivers had a really nasty crash recently and the cost to build him a new car is putting budget pressure on Merc.
This reminds me of the invented sport Paced Badminton. It’s badminton, and also the players have pacemakers and are only allowed a fixed number of heartbeats per match.
Typical contender teams spend $300m/year.