Yes. I use a Yubikey 4 Nano and I have it always plugged in to may Laptop. The Master key however is not on the Yubikey. It is only available on external encrpyted USB drive that I only use for certification.
Currently their is no way to use your 4096bit key over NFC. The Yubikey NEO only supports 2048bit keys and the Yubikey 4 does not support NFC. So you have to either use a secondary key or expose yourself and put your private key on your phone.
I fully expect Yubico to realease a Yubikey 4 with NFC sometime this year, and this would enable my optimal solution:
I have a Smartphone and a Laptop. To securly use them, I should have 3 Yubikeys, 1 of them a Nano plus 2 USB Sticks. The Nano is always plugged into my laptop, exept for exeptional situations. One of the large Yubikeys is on my keyring, the other is at home as a backup. One USB stick is only for the Master Key and I would bring it along if I expected to use certification. The other USB Stick is a poor backup and savly stored at home, it also contains the Revocation Key.
All this is pretty expensive and not really all that easy to set up but if you do it you have the great benefits, like ähh well äähh I guess other crypto nerds might think its cool.