Yes, definitely. Compost soil is soil broken down to basic phosphates and nitrates, which are basically plant food. Your existing soil will probably contain mainly sand and clay, and have very low organic matter for any plants to feed on, compost is by far more nutritious.
In addition to the plant food mentioned by the other responder, compost has other macro and micronutrients in it that are often missing in synthetic fertilizers and regular dirt. In addition, compost is great to use because it releases nutrients slowly, providing a continuous supply of food to plants growing in the soil mixed with compost. Compost also helps to balance the pH levels of soil when it is mixed in, providing a more hospitable habitat for most plants. It helps to anchor dirt and prevent erosion and is even believed to help suppress certain diseases that may be present in non-composted soil.
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