Yes, and no but…
Some say that having the arm above the prop will affect it’s ability to make thrust more than if the arm is below the prop and the thrust is already generated before it hits the arm.
The flip side is with motors and prop on top of the arms you have more vibrations.
Probably depends if you are pushing your thrust limits with your motors and props, or if you have an abundance of thrust. And always, testing! And more testing!
One of the biggest issues is clearance between the props and landing gear or payloads that are also underneath the arms.