Yes, and the brighter the better.
The stronger the beam the better it cuts through the lowest of viz. We dove Lake Travis looking for a bridge a few weeks ago, and hit 6" viz. My green force flex-II powered tri-star LED was not good enough to cut through it while my dive buddy did better with his dive rite mr11, though he came up complaing that he had crap for vis too. We didn't locate the bridge that time, but we did move to an area with higher viz (8') and again ... his brighter HID allowed him to enjoy his dive a bit more than I enjoyed mine ... backscatter and all. Add in that the lower the viz and the stronger your beam the easier it is for your bud to find ya.
Back scatter getting lit up doesn't reduce the benefits of the stronger beam punching a hole through the muck. It's not even close. At ten feet away a dimmer beam gets consumed by the muck, while a stronger beam reflects and glows with a stronger intensity helping you to be seen.
I wonder about the light colors put out by other types of bulbs though ... that may be what causes some folks to have a different experience. I'm only using LED and HID lights.
When the viz gets too bad nothing will help you see. On that bridge dive I literally swam head on into a tree stump. I just couldn't see the thing. It only took that little bit to lose the three other divers I was with. I was at 85' with no viz alone. I relished in it and just hung out for a few minutes working on my buoyancy as I did my 360's looking for my bud's and then up I went. Again working skills, watching my gauges, doing my stops, ... it was very reassuring to feel like I was at home there. If you're a newish diver then spend the money on a strong can light and keep it fully charged. If you dive lakes with low viz then sooner or later you too will lose your bud at 80' with low viz. The experience will test your mental and emotional qualifications to be in the deep end of the pool ...
... and the stronger light might get you found faster.