In terms of capability in handling returns, yes. That's largely because it's the Lacerte engine that drives PTO. Even the input screens are almost identical to those in Lacerte.
Since PTO/Lacerte are input-screen driven and drill down from forms is limited, this would probably be your biggest hurdle with transition.
And because PTO is a stripped-down version of Lacerte, it lacks features, flexibility, and options you're accustomed to having in PS.
I responded to a similar question recent; you may like to refer to that for more info about other factors you should consider and sign up to test run PTO for free before taking the plunge.
Still an AllStar