Generally, the answer is yes if you set graphics quality to no more than medium quality. The desktop version of the HD 5450 is considered to be a multimedia video card; meaning powerful enough watch Blu-Ray movies by taking some of the load off the CPU. Mobile video cards are also less powerful than the desktop equivalent; therefore the Mobility HD 5450 is less powerful than the HD 5450.
To give you an idea of value and mainstream desktop video cards....
HD 4650 = HD 5550 < HD 4670 = HD 5570 < HD 5670
Based on the above, the HD 5450 is slower than the HD 4650 which was considered to be a value gaming card back when it was released.
See following review of the desktop HD 5450 with benchmarks. A laptop with a HD 5450 will score lower benchmarks because 1) the test is done with an Intel i7-975 Extreme Edition CPU and 2) Mobility video cards are weaker than their desktop brothers.