Yep, and you'll want something with at least a 70% concentration but 99% will work the best.
(Make sure the liquid is completely dry before applying thermal paste or it may not apply properly, 70% will dry a bit slower than 99% so keep that in mind)
And you'll want to clean the paste with something lint free like coffee filters or microfiber cloths, just apply the alcohol and rub, as residual fibers from tissue may affect thermal performance.