Yes. /home needs to sit where it won't be reformatted if you reinstall - which you might do, even for a version upgrade. Likewise if you have other a large data requirement. The other requirement which you might have that needs to avoid reformatting is locally installed S/W, /usr/local and/or /opt. But, yes, /usr on the root partition might not be a problem these days.
The other thing to remember is that in the Unix/Linux world we tend to have swap on its own partition.