Yes, but maybe not what you think. The little mono jack is subject to picking up interference and noise and is usually limited to no more than three feet in length. Once you get the phantom power XLR thing going, you can run that a hundred feet.Is there a another gain to XLR than to mono Jack?
That trip from a screaming rock band microphones to the audience mixer can be 125 feet. No computer sound card is going to do that.
If you have an electrically quiet studio with well behaved wall power, and a good computer, you can do what you want. But there's a reason once you get beyond a certain complexity (and cost), all the pro systems use XLR.
Many home style interfaces aren't really using XLR. A full XLR system sends the voice on pin two and an upside-down protection signal on pin 3. Look closely at the end of the plug with a flashlight. They're labeled. A real XLR system uses both signals. Pin 1 is the braided wire shield.
An affordable adapter only uses the signal on pin 2 and dumps the pin 3 signal in the trash. No, that's not a good idea, but it's cheap and inexpensive and can work as long as everything else in your system is working perfectly. It doesn't have automatic noise reduction any more, so the heavy rubber XLR cable may look cool, but you may be limited to the three feet of a mono jack cable.