Yes, but it doesn't work well.
There are plenty of other time series problems where NNs don't outperform classical methods such as ARIMA.
There are plenty of other time series problems where NNs don't outperform classical methods such as ARIMA.
There is no empirical data to support that it is more effective than other methods.
Theory is not that valuable when evaluating papers in AI. It is all about the empirical results.