Yes it can and it is actually a little better brushed on, thicker and easier to peel. I'm just a cheap skate and want to get as much use as possible.
There is one major advantage, for me anyway, it does not leave a sticky residue behind. I have not found a tape yet that does not leave a little of it's adhesive on the airframe. But I use the dope type paints, something like latex or other water based paints the adhesive may not stay behind.</p>