Yes, and if I were you, I'd back up all your saves on a USB before you do it just in case. If not, back it up on cloud.
That damn cloud, I will share my dilemma with you
I was told that saving my gone on the cloud would help with loading times, so right after I did it I pack up my xbox and leave for vacation at the beach. I get there and there is no Internet (currently using the wifi from next door). But I figure ok then no need for live with skyrim. But then I need it for the cloud and I didn't copy and move my game, I just moved it to the cloud so now I don't have my skyrim saves. I guess a good reason to actually go to the beach.
Sorry I just felt like sharing.