From https://en.wikipedia.org/wiki/Team_GB

Team GB is the brand name used since 1999 by the British Olympic Association (BOA) for their British Olympic team. The brand was developed after the nation's poor performance in the 1996 Summer Olympics, and is now a trademark of the BOA. It is meant to unify the team as one body, irrespective of each member athlete's particular sport. Officially, the team is the "Great Britain and Northern Ireland Olympic Team", although athletes from Northern Ireland may opt to compete under the auspices of the Olympic Federation of Ireland instead.

So to answer your question, yes.