Theoretically yes, but sometimes it is not a good idea to mill and overlay a street. When a street starts showing "alligator" cracking (lots of cracking in the street that looks like alligator scales), that pavement surface is usually too far gone for a mill and overlay to be effective. Also, all of those "alligator" cracks will come back through to the top of the pavement surface after the project is done, and then the mill and overlay project will have been a waste of money. At that point, a Full Depth Reclamation project is probably a better solution for that street.
Sometimes a mill and overlay project is a bigger investment than is necessary to preserve the pavement surface. In those cases, a Chip Seal may be a better choice to preserve the pavement surface at a lower cost.