Yes, Java is often used in HFT, due to one being able to quickly modify the algorithm, while keeping it safe and performant. This is used for mostly the algorithms that have to be fast, but not to the degree of “let’s buy this building which is closer to the bank, because the internet cable length matters”. Do note, that for the latter kind, general purpose CPUs (and thus, programming languages) themselves are not fast enough and is dominated by ASICs.