It depends on your margin of error, but in general I'd say yes, the approximation is quite close.
UTM projects onto a cylinder, and a cylinder is essentially flat (zero Gaussian curvature) so the formula would be accurate for points on the cylinder. Now the zones of UTM are sufficiently thin that the distance between actual surface of the earth and that imagined cylinder is not too large. Therefore the error in distance is not too large either. Obviously this depends on your idea of “not too large”: for estimating the range of an airplane or some such, it should be quite sufficient, but I wouldn't suggest navigating the plane through fog using that approximation.
If you look closer at the Wikipedia article you referenced, you will find the following statements:
By using narrow zones of $6°$ of longitude (up to $668$ km) in width, and reducing the scale factor along the central meridian to $0.9996$ (a reduction of $1:2500$), the amount of distortion is held below $1$ part in $1{,}000$ inside each zone. Distortion of scale increases to $1.0010$ at the zone boundaries along the equator.
So that gives you a quantitative idea of how well your approximation works: at worst it will fall short by $0.4‰$ or exceed the actual value by $1‰$.