In D6, yes. Also to clarify Alex's point, a pure node_submit() + node_save() is indeed faster -- because it doesn't hit any hooks. The "proper" way to save a node programmatically is in the comments for drupal_execute():
* // Create a new node
* $form_state = array();
* module_load_include('inc', 'node', 'node.pages');
* $node = array('type' => 'story');
* $form_state['values']['title'] = 'My node';
* $form_state['values']['body'] = 'This is the body text!';
* $form_state['values']['name'] = 'robo-user';
* $form_state['values']['op'] = t('Save');
* drupal_execute('story_node_form', $form_state, (object)$node);
*/