Yes and no. It's limited to about 500 HP but it will produce more torque. Just remember that cubic inches will make more power but the block will limit you.
I have built a few 4.1 engines for customers, and a couple for my personal use, and absolutely love their awesome low end torque!
Before the alum block that I now run in my race car, I had a built 4.1 that ran consistent low 10's and was very reliable. With the car weight and build at the time, the HP at the flywheel approached 700 HP with a stock crank.
I am ready to build a production 4.1 again to run high 9's which it should do with a forged stroker crank and well ported TA alum heads fitted with a HPQ 70BB turbo, which will put the power needed slightly over 700 HP.
For a street build, I always prefer a 4.1 over a 3.8.