Yes, just don't use it IN your motor.
WD40 is great for cleaning grease off bike parts, and even your hands. But don't use it either to lubricate anything on your bike.
Spray cans of electrical contact cleaner work even better than WD40 at removing grease, and it's safer on most other parts than WD40 or brake cleaner.
Not sure I like the idea of using Mystery Oil near my tires however....