As brevity is the soul of wit, I will be brief. Yes. Some grammatical forms have changed and some of the vocabulary is different. But "Elizabethan English" is essentially "modern English." Some people disagree on the grounds that "no one speaks the way that Shakespeare wrote." But they would find, on close examination, that although much of what he wrote was poetry, and some of what he wrote had the older grammatical forms that we no longer use, the language is modern -- sometimes elevated when it is out of the mouths of nobility -- but modern nonetheless.