If the game state of every player at any time can be simulated entirely on server then yes, to some degree. This isn't the case for many games that have some degree of client authoritativeness, like Apex Legends. As the other poster mentioned, this doesn't eliminate seeing through walls still, or other cheats that expose game state that players can't normally see but are required for the game to work.

If all games were streamed over the network, like in GeForce Now, then we would perhaps require far less client anticheat.