Never used it, but in my opinion, yes. Consider, the 30-06 is enough for elk, and the 308, which is almost a twin to the '06, is equally capable, within it's own limits, which are not much below the '06.
Now consider the 280 Rem, which is the '06 necked down to 7mm, is just a capable as the '06 on elk, and the 7-08 is as close behind the 280, maybe closer, as the 308 is to the '06. I say maybe closer, cause most factory ammo for the 280 are not loaded to ashigh a pressure as the 7-08. The 280 was first released in semi auto rifles, and thus loaded to slightly lower pressures, than the 7-08.
I'd say with a top notch 160gr bullet, and about 250yds or less you ought to be good. A friend of mine, and gun shop owner, once killed a cow elk at 265yds with a 160gr Barnes TSX from his 308. Bullet went completely through both shoulders, and exited. The cow ran about 30yds and piled up.
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