Absolutely!
Here is a research study that really opened my eyes.
Here is part of the study that should be particularly paid attention to:
Older men are as responsive as young men to testosterone’s anabolic effects; however, older men have lower testosterone clearance rates, higher increments in hemoglobin, and a higher frequency of adverse effects. Although substantial gains in muscle mass and strength can be realized in older men with supraphysiological testosterone doses (300-600mg these high doses are associated with a high frequency of adverse effects The best trade-off was achieved with a testosterone dose (125 mg) that was associated with high normal testosterone levels, low frequency of adverse events, and significant gains in fatfree mass and muscle strength. (J Clin Endocrinol Metab 90: 678–688, 2005)