Yes!
2 Timothy 3:16-17 tells us that “All Scripture is breathed out by God and profitable for teaching, for reproof, for correction, and for training in righteousness, that the man of God may be complete, equipped for every good work.” (ESV)
Article: Why Memorize Scripture? by John Piper
We encourage children to memorize Scripture. We have a new Key Passage every month, as well as Bonus Verses. We encourage parents to memorize Scripture alongside their children and give parents the opportunity to recite verses to their child’s teacher for points.