Yes - image stabilization is a feature of the lens and does not rely upon features of the body. The lens senses and compensates for the motion.
Note that IS will only help reduce camera movement (and thus blurred shots due to movement) caused by photographer movement (i.e. you). If your subject is moving... IS doesn't do anything to help reduce blur caused by a moving subject.
The image stabilization typically helps improve your ability to hand-hold the camera for stable shots that are between 2 and 4 stops slower (shutter speeds) then would otherwise be possible without the image stabilization. This will vary depending on the specific lens but most all of them are at least 2 stops and some of them get up to 4 stops.
E.g. suppose we pick a shutter speed such as 1/125th sec as the slowest you can hand hold a particular focal length and not have motion blur. 1 stop slower would be 1/60th. 2 stops slower would be 1/30th. You would likely have good results at these speeds. 3 stops slower would be 1/15th sec and not all IS lenses can handle 3 stops -- even if they do, you're starting to push the limits. 4 stops slower would be 1/8th and if the lens can handle 4 stops, you are definitely pushing the limits (it wont guarantee stable results, but it certainly does tip the odds in your favor.) IS can't perform miracles and it doesn't guarantee no camera shake, but you'll find that your keeper rate is defnitely improved.
This assumes you are using good camera holding technique. That means you hold the camera with your left-hand facing palm-up and rest the camera on your left hand for support, while controlling shutter and other controls with the right hand (you can control lens zoom or manual focus with the left hand but make sure you use an "underhand" grip on the camera -- not an "overhand" grip. Keep your elbows tucked in (not out like "wings") so that your elbows rest on your body and your forearms brace the camera. Bring the camera to your eye so that it rests on your face. Spread your feet as if in a "boxing" stance for stability and keep your center of gravity centered above your feet. This gives you a stable position so that your muscles aren't fighting to keep you upgright and you're bracing the camera to your body rather than forcing your muscles to hold it steady.
There are numerous videos on how to hold the camera for stable shots -- and Canon even has a section in the manual on how to hold the camera for a stable grip.
This is advantage Canon as some brands have IS in the camera. Canon puts it into the lens. Depending on two things as to how well it works. The lens of course and you. Make sure your technique is good. Also IS is not a switch that just stops at some point. It is better the less it is needed and slowly gets less efective the more it is needed.. Again depending on you how that turns out.