Well given the price $15.00 / 1M input tokens and $60.00 / 1M output* tokens, I would hope so. Given the price, I think it is fair to say it is doing a lot of checks in the background.
I think the biggest question is, is o1 scalable. I think o1 does well because it is going back and forth hundreds if not thousands of times. Somebody mentioned in a thread that I was participating in that they let o1 crunch things for 10 minutes. It sounded like it saved them a lot work, so it was well worth it.
Whether or not o1 is practical for the general public is something we will have to wait and see.