Yes. I've been at companies serving millions of requests per hour with Python backends.

There are some gotchas to be wary of, and obviously running costs are higher than some other languages/runtimes, but the lower cost of project iteration and development still makes it worthwhile.

OTOH, because of the reputation of being easy to pick up, and thus tons of people murking around with it, you'll get all sorts of crappy code and developers with many years with Python, but no real experience writing production quality code.