Sure, but it's one of the worst ways to deal with it that I've ever heard of.
I can't picture myself ever smoking, not because I've never been depressed or stressed before, but because my rational self is far too conscious of the consequences.
And that's definitely good for you. And it's very true, smoking is not a constructive release, but it's a release nontheless. And in terms of more... rapid deterioration, it's at the very least somewhat better than hard drugs. I've yet to see a smoker under 65, dragging themselves around with a mind of mush, pale as a corpse and tarnished. The only one I've ever seen like that was my grandfather, actually, and he was 76 when he died. In terms of addiction, while it's hard to rid yourself with, it's far less imminent and potent than many other things. It's slow, and that is at the very least something.
But anyway, enough justification, it's dumb, I'll admit.