Practically speaking, yes.  If you use it on a non-Dell system, it will appear to install fine - but you will then receive a requirement that you activate it, which Microsoft will not allow. OEM Windows CDs are SLK'd - system locked.  They can only be used on a system from the manufacturer from which they came -- and legally, they can only be used on the system with which they came.  
I have a valid copy of WinXP Pro reinstallation CD that came with my 5+ year-old PC.    Printed on the CD , in part:  Only use this to reinstall the operating system on a Dell computer.   Does that mean I can't use it to install XP on a non-Dell PC?   John
Using old WinXP reinstallation CD