Yes, but it's still not very good in comparison to other items a Pokemon can have. A Pokemon with Magic Guard can hold it with no fear of getting hurt by it, and pass it off to any Pokemon attempting to make contact and damage it. The only real instance of this is Clefable, which is bulky enough to take a couple hits. Clefable usually has better item choices, however, and Sticky Barb is very niche.
Weirdly, in the DP era, Smogon recommended Sticky Barb for Kakuna, in order to take physical hits better. But really, why would you use Kakuna in the first place?
Hope I helped!