Yes.
Let me introduce you to a photography concept know as a 'stop'.
A stop is a doubleing or a halving.
A one stop change of ISO is from 3200 to 1600. At 1600 ISO the image sensor is 1/2 as sensitive to light as it was at ISO 3200.
If your lens aperture was at f/4, the change in ISO would allow you to open the aperture one stop and have the same exposure, but a slight shallower depth-of-field (DOF).
Lens aperture refers to the area of the lens opening, not to the diameter of the opening, so we can't just x or / by 2, we have to use the square root of 2 (1.414), so one stop of aperture would be f/2.8.
Shutter speed can also be used in 'stops'. If we change the ISO to 1600 and leave the lens aperture at f/4, we can increase the shutter speed by a stop, say from 1/30 to 1/60 (x2), and improve the stopping of motion somewhat.
Going from a kit lens that has a max aperture of f/3.5 to a lens that has a max aperture of f/1.8 is a 2 stop improvement (3.5 / 1.414 = f/2.5 and 2.5 / 1.414 = f/1.8).
So you would be able to reduce the ISO 2 stops and then change either the lens aperture or the shutter speed 2 stops, and have the same exposure but with less image noise because of the lower ISO and shallower DOF from 2 more stops of aperture, or better motion stopping ability by changing the shutter speed 2 stops.
The way the exposure triad works you could also elect to change the lens aperture just one stop and also change the shutter speed one stop, for a total 2 stop change that gets you a bit less DOF change, but also some motion stopping improvement to.