Given how many people post questions about how to handle parties losing conflicts, I'd say yes.

Also it operates at the out-of-chatacter level. It's not the character conceding, it's the player. This allows for solutions like "they shoot me and I fall into the river, where I'll wash up somewhere by evening". It's not always an in-character surrender.

You can't really surrender to all things, too, such as wolves, zombies, or an avalanche.