Completely. Open access is online access, but it does not exclude print access to the same works. Open access is free of charge to readers, but it does not exclude priced access to print versions of the same works. (Because print editions are expensive to produce, they tend to be priced rather than free.) Open access does not exclude printouts by users or print archives for security and long-term preservation. For some publishers, print will exclude open access, but the reverse need never occur.
(From the Budapest Open Access Initiative: Frequently Asked Questions)