Sure, it's even useful. Think of DNAT, i.e. port forwarding, in cases when you migrate a VM onto another host, for instance. I don't know if it contains masquerading/NAPT, but I guess it does. I just hope that people don't misuse that and use tools like ndppd instead for the odd cases that need the sharing of a single /64. (Obviously, if you only get a /127 point-to-point link that would not help.)