Yes, absolutely. Although how much you will save depends on several factors:
How much cigarettes or tobacco costs where you live.
The amount you invest on devices and what satisfies you (this becomes a hobby for many!)
That said, with a good setup you should be able to save considerable amounts of money, and the more focused on saving money by vaping you are, the more you will save.
There are some breakdowns in a blog we wrote that you can find here; Vaping Cost Vs. Cigarette Cost which can be helpful for you.