The simple answer is yes.  But you will need to have some wood to serve as backing wherever you have portholes in the cabin sides or hardware attached to the deck/cabin top. 

We used a combination of 3/8" & 1/4" closed cell foam insulation thru out Starwhite when we were rebuilding her interior.  The 3/8" was used under the decks & cabin top, the 1/4" was used on the hull sides.  We attached the foam to the hull with contact cement placing it between plywood backing strips that were epoxied to the hull and cabin.

We chose to use commercial hull liner material over the closed cell foam in the V-berth in lieu of wood strips or panels.  The material adds some additional insulation and brightens the area.  I added some varnished teak battens vertically to break up the expanse and add a little trim.