In theory, yes. In practice, not so much, as evident by the discussion in this thread 
The threshold ↔ luminance/emissiveIntensity works, but only on BasicMaterials.
As the final luminance is impacted by all sorts of things like lighting, reflections etc (as explained by @donmccurdy ) using this logic with Standard or PhysicalMaterials is really not that simple.
Consider the two cubes, one red one green. Materials are identical other than color. Bloom is set at a threshold of 1. The green has a G of 2. Using BasicMaterials this will do exactly like you say and you have full control over their bloom behavior.
But with light impacted materials, you lose that control and depending on camera angle, both could bloom.
Here’s a pen illustrating the point
And for comparison, here’s the same pen using SelectiveBloom.
As the camera moves, you can see that in the first example both items will bloom at some point, even though codewise only the green cube’s luminance is set beyond the threshold.
In the second example you will notice that only the green blooms and the red behaves normally.
To put this in a practical case: let’s say a model of a car, and you’d like the tail lights to be emissive and bloom. You could do this by using a BasicMaterial with either a high emissive intensity or higher luminance as suggested.
However, when there is any light source other than Ambient (point or a high contrast HDRI (eg nightly city with street lights)), the lighting will bounce off the car body (a PhysicalMaterial) and at certain angles push the luminance over the threshold, and make the body glow inadvertently.
For me the SelectiveBloom example does exactly what I want, even though it might be deprecated.
Only thing I need to figure out now is how to tonemap properly, without it affecting the renderer’s clearColor. Might make a new topic for that 