You will probably have to knock it out with a hammer but essentially yes. If it is worn you will find it has an inch or two of play before resistance builds up. Check it against the new one.
Forgot to mention. When refitting it you will of course be using a new nyloc nut. Regardless of that feed the bolt in from the top downwards. That way should the nut for whatever reason go adrift then the bolt can't drop out.
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