yes.
in user manager write the user profile path to point \\server\share
if you want to use for many users this type of profiles (roaming) your network load will increase pretty much. and I would suggest that you hide the shares for users (it looks uggly when server has 500 shares)
like: \\server\share_by_username$

I've used that on my own account and have two minuses:
-logon slows down (on slower network too much)
-if some file does not write properly (usually some file from recent folder) the whole profile corrupts.

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