Essentially yes. You can create a form which allows the user to
Create recurring events
Assign, and optionally, create, categories/tags/venues
Assign values to pre-defined custom fields (i.e post meta). While there is no equivalent of the ‘custom fields’ metabox, you can add form fields (text input, textarea, dropdown, radio, select etc) which allows the user to provide a value for the custom field key attached to that field.
You can also enable front-end editing, but this requires a constant to bet set in your wp-config.php.
Please note that FES only provides the ability to add front-facing forms to create or edit events. It doesn’t provide any front-facing event management interfaces such as lists/tables/calendars beyond what you get in the free version.