Yes, but the Chaetomorpha might out-compete the macros for nutrients, causing them to wither away.
Chaetomorpha or Caulerpa are generally considered "best" for removing nitrates and phosphates - the reason most people set up a refugium - but aren't as attractive as many other macros. If you care what your refugium looks like, you may want to consider other macros (or nice looking varieties of Caulerpa). If you just want to get nitrates and phosphates out, then chaeto and caulerpa are good for it.