Most probably, but it would be a bit of overkill regarding the original purpose of the plug, rather intended to be used as a "master tape", and for sure a multiband compressor / limiter more than just a saturation device.
Besides, the saturator has 7 different algorythms, among which I found one to be of the color of the VW1, and another resembling more the VW2. These are tape emulations only, which I found sometimes desirable for vocals, but my (fresh) experience is that when instantiating one plug on top of each track, the tube distortion seem to fit better since tape od does not pile quite as nicely (not-so-logical, but YMMV...).
Reporting further of my thorough testing of today, I must say this leads to a totally different result than setting a VW on the 2 bus. Past the first "bells and whistle" effect you experience with the VW, I've not been such a fan of the result. It's always had a taste of "imitation" to me, and I rather use it for effect only by now (particularly the VW1, of which the distortion I find much more "chewy" on extreme settings.
+1 on the brillant metaphor about sitcom and cinema. The trick is now to remember that movies can look good but still be quite lame...
