Yes.
But...
I've found that occasionally tiny bits of spline objects are left behind. You'll find that when you open up map view you can scroll right up to where the baseboard used to be - normally you can only scroll to the edge of existing boards. Tracks are not too bad as they will also show up in minimap view, but roads can be a b****r to find!
Sorry, don't know of any solution to this other than re-instating the baseboard and searching for the errant spline. I've started deleting spline objects manually before deleting the baseboard itself!
Hope this helps
David
Edit - I'm using TRS06 - don't know about 04