Yes, except that the "Move" buttons limit the movement to the very back (lower zDepth number than the current lowest one) or the very front. If the lowest zDepth number of an object happens to be 0.0, then that object will be forced to have a higher zDepth number in order to allow the newly selected object to take its place and will become zDepth 0.0. If other objects need to be shifted to a higher number then Algodoo will automatically do that. No object can have the same zDepth number as any other object.
It's quite different when changing the zDepth of an object via Thyme script. Instead of forcing you to select "front" or "back" you can select a zDepth of any number even if between other objects! The only thing that complicates the move is you need to do the special sequence of "undo", "redo", and "sim.running = true" commands that you see in my sample scenes. There might be a different or even better way to do it, but I don't know of any. I pretty much figured it out on my own! Good luck!