Yes, but I have a funny feeling that if car companies wanted to, they could make it far more efficient and effective than it currently is. They just choose not to.
Up to a point. I know this from my years of having trains as a hobby. Trains use regenerative braking, only they term it dynamic braking. Same basic principles. The motor runs as a generator. The power generated is either put back into the third rail/catenary for use by other trains, or burned up in resistor grids. They've been using dynamic braking at least since the 1940s, maybe earlier.
Anyway, when you look at curves, it turns out at best you get about half the amount of torque from dynamic braking as you do running the motors for acceleration. Too many technical reasons to get into as to why, but that's the case. On top of that, you have power limits for the motors. These apply whether operating as motors or generators. These power limits come into play at higher speeds.
Let's try to show some numbers. Let's say an EV has motor rated at 250 HP. The same motor also obviously has a maximum torque. That limits the acceleration off the line, although for most EVs the real limit when starting off is tire traction. The motor makes more than enough torque to break the tires loose. Let's say the maximum acceleration off the line is 0.8g. That means best case you'll get about 0.4 or 0.5g from dynamic braking, and that's only at speeds where the power limits of the motor don't come into play. If you have a 4,500 pound EV, 0.4g translates to 1,800 pounds of force. To not exceed the 250 HP limit of the motors, this amount of force is only available up to around 52 mph. Beyond that, the power limits of the motor reduce the force available for dynamic braking. At 80 mph you would only have around 1170 pounds of force available for braking.
It gets even more complicated. Often even if the motor can brake up to its power limits the battery just isn't receptive to taking on charge that quickly. At that point then you either limit the braking to whatever power the battery can absorb, or burn the excess power in resistor grids, like they've done with trains. To my knowledge no car does this. So that's why dynamic braking isn't more effective. There's talk now of using supercaps to absorb whatever the motor can generate, then discharging those caps to charge the battery at a rate it can absorb. Until supercaps become a lot cheaper, that likely won't happen.
Then there's the issue of when and how much to use regen braking. I personally don't like regen brakes which come on whenever you lift off the accelerator. That assumes that you don't want to just coast. I'd rather the regen brakes only come on when you hit the brake pedal. Depending upon the amount of braking called for, you can be using all regen braking, or a combination of regen and friction brakes. Again, trains have been doing this for decades.
Ideally, EVs would be using regen braking all the time, regardless of deceleration rates. We may get there eventually.