Absolutely. Light in the blue part of the spectrum is essential for photosynthesis, but so is violet and, to some extent' orange and red. White LEDs can provide some of the missing spectrum (eg, warm white will provide some red and orange is present in both neutral and warm white) but their main function is to make the tank look good to our eyes, not to support photosynthesis.
Adding violet emitters (Not UV) will be very beneficial. The use of warm white LEDs or neutral whites with a few red LEDs will also be beneficial. There are quite a few parts of the visible spectrum that are useful in photosynthesis, it's best to include as many of them as possible.
Blue and white will support life and usually even support growth, just like a Model T will get you from point A to point B. Wouldn't,t you rather have something a little more advanced that will do more than just the bare minimum? By "more," don't mean all the special effects that have become fashionable, those are nice but I am referring to basics like "natural looking light" instead of the flat look that makes people want to switch back to their old fixture. OTOH, a realistic sunrise/sunset is a nice feature too.