Yes, with one technical caveat. Only the first 7 letters after the area code actually dial the number. PROGRESSIVE maps to PROGRES (7767737), and the rest of the word is ignored by the phone system. Callers can dial the whole word and it still connects.
The general rule of thumb is not to start a new word after the 7th digit unless it’s part of a recognizable phrase. 1-800 HOME-SWEET-HOME works. 855-SWIM-WITH-THE-SHARKS works. Progressive, Allstate, State Farm, and Liberty Mutual all use more than 7 letters in their numbers and it works fine.
Long-word vanity numbers can occasionally cause issues on local numbers more than toll free numbers, because some local cell carriers handle the extra keystrokes badly. For toll free numbers it’s a non-issue.