Yes! Embroidery floss works great to tie a quilt and gives an insignificant look, rather than the tassel effect when using yarn.
The way I learned was to stitch an "X" then continue with the same thread to the next "x" spot and so on til you need to re-thread. Get all those X's done. Then snip and tie each spot, one at a time before cutting the next section.
Once all is tied then go back and snip your ends so they are all the same length. As you have them tied tight, the threads can be cut down to about an inch ... longer if you wish. Probably shorter would be OK too, but the inch is my own safety factor.