Since it has a primary and secondary effect, yes.
Sheer Force does not negate primary effects such as recoil, stat penalty for the user, increased critical hit rate, moves that never miss, moves that change power, two-turn moves, etc. Sheer Force will, however, negate all secondary effects, such as reducing a foe's stat, increasing the user's stat, or causing a status condition. Moves that have both a primary and secondary effect will have only their secondary effect negated (and gain the power boost). For example, Flare Blitz has both a primary recoil effect and a secondary chance to burn; its damage will be boosted by 30% (but not cause burn) and still inflict recoil to the user after attacking.
Source: Experience with a clarification from Bulbapedia.