Yes.
It's, more or less, a guide. If one character is higher at something than the other, then that one would win in that field.

However, due to combat being so dynamic and many tactics used, it's mostly for reference to the player as to what their character is best at and can rely on.
Also, the Talents don't, inherently, do anything. The skills are what make a fighter. The Talents just determine how much skill they can put into something. But there are exceptions. I'll use one of my characters as an example. 

Akimoto Taiki
You'll see my stats just as numbers, but they have words which correlate with them.
4: 5, 2
0: 0, 5, 5
5: 0, 5, 5
0: 1, 4
3: 5

So this can translate to the following:
Vast Reiryoku: Legendary Reiatsu, Average Kido Power
Unlearned (yet to learn) Zanjutsu: Poor Offense, Legendary Defense, Legendary Physical Strength
Legendary Hakuda: Poor Offense, Legendary Defense, Legendary Physical Strength
Unlearned Kido: Unremarkable Knowledge, Incredible Intelligence
Master Hoho: Legendary Mobility

So, to me, this means that he focuses on Defense and Power rather than skill at actually attacking deftly. He'll wear his opponents out before striking them with a simple blow (probably shattering them). But just because he "unlearned" Zanjutsu does not make his Legendary Defense and Physical Strength in Zanjutsu any worse. This merely means he does not have any Talent in Zanjutsu and has, thus, worked extra hard to get where he is in Zanjustu. It can indicate he has little-no formal instruction in Zanjutsu or that he merely expelled it from his memory as he doesn't care much about it. This can also be said about someone who has Legendary Offense but unlearned Zanjutsu. Again, this means they lack either the discipline of an artform or have not learned one yet. Regardless, they can still attack with accuracy and lethality.

The way the numbers end up just create more depth for your character. Certain aspects would be cause for ridicule or praise, depending. (For example, with Akimoto, he would be scoffed at for being a Captain with no real talent for a sword but praise that he overcame this and learned how to defend with a sword as well as he can with his hands).

Hope that long-winded response clears things up. :)