Yes, as long as you have the [;’ keys it will work just like it does with the German layout.

Even if you didn’t have those keys, you could also use AltGr + a, AltGr + u andl AltGr + o for the Umlaut variants. I like to use those much more, because they seem much more logical to me Ü. That isn’t possible with the default German layout, which is a shame. I like the German (US) layout much more because of that.