yes. It can work in a super quiet environment where one can really hear oneself. (Like 5am in the morning). There is a different more direct connection to the instrument, and I for example really enjoyed the physical freedom aspect, like walking back and forth through a room while playing scales. It helps to have a good acoustic environment (wooden floor, wood panels). Keep the technique in check - as pointed out elsewhere, hitting the strings very hard on an electric bass can be detrimental to good tone and fluent technique.
I have also played sessions not plugged in, for example with another bass player or a cigar box guitarist. Technically it becomes about really hitting the strings, and it should be considered an entirely different technique than playing amplified.