Totally. If the hot pages of your indexes and hot pages of your records mostly fit in memory, DBs mostly read from memory anyways. If they don’t mostly fit in memory, things can slow down a bit, but you’re likely better off vertically scaling your DB (more RAM) than adding a cache.

Looking up a normal sized record by id, with good networking in your data centre, takes ~1-2 ms round trip whether you’re reading from Redis/Memcached or MySQL/Postgres, and either can handle massive read load if sized properly. The cache just ~doubles your costs, is one more thing to patch/maintain, and introduces new sorts of bugs/outages.