Yes, this is the exact reason I always rest mine.
When you cook a steak on a cast iron, if you wait to pull it until the internal temp is reached, you'll end up either burning it or drying it out depending on temp.
The best way is to cook it as absolutely hot as possible to get a good sear, then just let it sit. As long as it's fatty enough(or you use enough oil, depending), the center will continue to heat long after you remove it.