Generally yes, as long as the directory is on the PATH and DLL requirements are met. Didn't you test?
It does fall down if the program needs to be started in its directory such as Firefox which looks in its working directory for its DLLs.
Can't remember if File Commander needs to find its ini, hlp etc in its current working directory or its program directory, or if PATH is good enough to find them. Hmm testing, it does seem PATH is good enough for fc to find its supporting files.