I'd say yes especially if it's original CAT because it may be clogged. You could hollow it out and put it back on. Take a steel rod like piece of rebar and hollow it out or a piece of replacement pipe and you'll get a bit better flow but probably only notice the sound difference and not the extra hp.
We used to do this back in the day when cats got clogged up. They also used to sell "test tubes", pieces of pipe that bolted in to replace cats. Marketed as a diagnostic tool to run while you ordered a new cat. Guess how often the test tubes were removed...
