Yes. A promotion can be a useful way to introduce a new release to readers who already enjoy its genre.
Some authors coordinate promotions with launch week, while others wait until the book has accumulated reviews or until they are ready to temporarily reduce the price.
There is no single best approach for every book. A new release promotion may be most effective when the book has a professional cover and description, its retailer pages are complete, and the promotional price is active when readers arrive.
If the book begins a series, you may also want to consider how your launch strategy will support future read-through.