Yes, Drupal is well suited to high traffic sites and powers many of the largest websites in the world, including government portals, major universities, and publishers.
It has sophisticated caching layers built into core, including internal page cache, dynamic page cache, and BigPipe for streaming content. Pair that with a reverse proxy like Varnish or a CDN, and a well built Drupal site can serve millions of requests comfortably.
The database can be scaled using read replicas, and the platform works well with services like Redis or Memcached for object caching. Hosting matters too. Specialised Drupal hosts like Pantheon, Acquia, and Platform.sh are tuned specifically for high traffic scenarios.