In general, yes. See also Rafe. :) But in some cases, it can also be a short form or nickname of Rafael / Raphael, I imagine.
"How do you pick up the threads of an old life? How do you go on... when in your heart you begin to understand... there is no going back? There are some things that time cannot mend... some hurts that go too deep... that have taken hold." ~ Frodo Baggins