Yes.
Because the update from modem files 17.09.3 to 17.11.2 didn’t change the Baseband version, so even if you saw Baseband version 4437.1-FP2-0-07 on your phone, you could still have outdated modem files (I just now remembered).
In any case, the modem files get installed independently from the OS, so if you run into a problem with a new modem version, you can just install an older version.
Or you can install the latest version again and again and again … doesn’t hurt the OS installation.