Yes. That's also why fire+bleed was OP in PvP until perserverance 40% came out. But now your build will be nerfed by a huge 40% in PvP. That's why a majority of the PvP meta even uses shock only and maybe the occasional ice element.
Still if you can deal good enough damage and survive, you'll be fine. Also not everybody has perserverance.
In campaign it's still extremely powerful, especially with crushing blows on high floors. Fire+shock+bleed also like my Charged Inferno Build and explosive 400% could be good with it. Although you don't even have to add shock element as the fire element is enough to really destroy enemies. Devilpillar build is a great example .