Definitely, also known as combinational logic (as compared to sequential logic). It's interesting stuff for sure, and I've wondered what a combinational CPU could look like. I should have said "in a synchronous digital system" so my bad. Frequency doesn't apply to combinational logic.

Digital systems are almost exclusively a pairing of combinational logic with digital "checkpointing" or pipelining.

With that in mind, in digital systems, as the clock speed increases the difference between combinational and sequential logic drops. Analog provides yet another layer of computational capability on top of that.