Yes, it need some tweaks tho.
Some games i tried (with main settings: PWM sound off, use second cpu, ram oc, mmu hack, vsync off, 32x renderer fastest):
3D:
Doom (bit useless...) - 260mhz, 25fps with music, SH2 cycles at 8950, can go at 40fps by disabling sound totally.
Shadow Squadron - It...