If you set it up right, yes. In Pro Tools, -18 is analog zero. But a lot of people don't know that — I didn't know that. And you're always told to print digital as hot as you can to get the best dynamic range. So everybody's printing every track clipping red.
But when you go to mix and you strap all your analog outboard gear over, if you use a zero digital signal you'll blow up your compressor, or your Neve channel, or whatever. So you've got to take all your analog gear and gain it way down, where it doesn't sound as good and it isn't in its efficient range. Suddenly, you've got the pad in, and the [good old gear] you're using sounds like shit. To interface with analog properly, you've got to print digital at lower levels.
I worked with [engineer-producer] Joe Ciccarelli, who brings his own little VU meters everywhere. He prints everything at 0 VU analog, and into Pro Tools at -18. When you look at his Pro Tools levels, they're barely hitting, but it works properly with the analog gear. You do lose a little dynamic range; your noise floor goes up a little. But as Joe says, “I'll take a little more noise to allow the analog gear to do its job in its optimal range.”