Yes, but not on its own, that I am aware. High accuracy GPS is is based on a combination of GPS satellite data itself with real time or post-processed positional correction using references stations which themselves are placed in a known surveyed location.

In the US, 60 cm accuracy is often possible with nothing more than WAAS corrections. 10 or even 1 cm accuracy is often possible in real time with access to an RTK network.

I'm by no means an expert, but yes, if you can use a modern realisation (e.g. ITRF2014) and have access to VLBI / DORIS / GNSS then sub-centimetre accuracy is possible, though not in real time.