Yes. Of course it is.
When it comes to psychology, it's not so much about the specific medium you stretch your right brain is as the attitude and approach you bring to it.
Poetry is a great tool for exploring our emotions and our creativity because it relies on arranging words, something virtually everyone can do to some degree. It's intimately personal and yet there is an art and approach to it. Learning how to do it can lead you to reading the poetry of dozens of cultures, which is itself a valuable intellectual exercise.
I routinely encourage clients I work with to use poetry as part of their journal entries.