It absolutely is, if you take a moment to set it up. By default outgoing connections that don't match a rule are allowed. It's very easy to change the settings to disallow by default, and to set up rules based on "process, domain, specific address, port and more".

In Windows Defender Firewall settings right click Outbound Rules, click New Rule. Choose the type of rule (Program, Port, Predefined, Custom). You can apply the rule to a program / set of programs, a service or globally. You can apply it by protocol, port, IP, specific network interfaces etc. The only thing I can't find that was mentioned in GP is rules based on domain/address - I'm not sure if this is a limitation of the firewall or I'm just too dumb to find it.