Yes. What you end up doing is getting good at determining what percentage of remaining work you can accomplish in each sprint. This information can be applied offline to schedule. You get a schedule without ever having any conversation about duration or time. The "magic" works because by picking what you can do in a sprint, you are associating a certain percentage of work with a time unit. So you it's not like there is no time discussion. It's more accurate to say that you don't keep multiple sets of books.

Like a cool programming concept, it's one of those things that once you see, you're like wow! But granted it can be a head-scratcher beforehand. Like I said, I came at this as a skeptic. Once you see it work in multiple teams, however, you don't want to go back to the old way. It just doesn't make any sense to do it like that.