Yes. Installing via the free upgrade, and logging in creates a digital license tied to the machine.
I have like six of them for devices I no longer use lol, even ones I logged into once.
If you use the media creation tool, for the latest version of windows 10, you can boot to the usb disk, and do a clean install. It takes awhile to download and arrange the files onthe disk, but once your rolling its pretty quick as far as OS installs go. Its also all simple, and click through, very little in the way of options or need to interact (all such interaction is prior to the boot disk making, and after the windows install, so beginning and end)
This is a WAAY better method that the upgrade, as with all such in place upgrades across OS revisions, it tends to be buggy.
Only thing to make sure, is that its the same license (ie the same version of windows 10) as you installed last time, because you have to choose that when you make the disk.
Of course you know, back up any wanted files to another disk, save bookmarks, email folders and all that, if you wish (unless they are all tied to online accounts that will remember them). I'm sure you know what your doing
Then just jam in the usb stick, and reboot your machine to boot from it (assuming such is enabled in the BIOS, if not you may need to switch that on)