Yes. A reducing or reducing/relieving valve is normally open. If the pressure in the secondary circuit is less than the setting, it will be open.

2 caveats: (1) If the valve is in the reducing mode and you suddenly reverse the flow, the valve will not have time to open and will shift into relieving mode or (2) If the back flow generates a pressure drop through the valve that exceeds the setting, the valve will shift into the relieving mode.

When in doubt, use a reverse flow check.