Yes, it's one of many ranking factors.
When users come to your page, leave it after a few seconds, and return to the Google search results page, but stay longer on the other pages in the SERPs, it would be a bad signal for example.
On the other hand, if the user isn't returning to the search results at all, that's probably a good signal, as it's likely that he found what he was looking for.
We can't tell exactly how Google is using the bounce rate, and how much weight they are giving it as there are a lot more things that play together when it comes to ranking.