Yes.
In any number, the position of each digit (and also the value of the digit) will dictate if it's greater or less than another number.
With decimals, the tenths position 0.1 <-- is 1 digit higher than the hundredths position 0.01<--
Comparing 23.7 and 23.07, we know that the tenths position is greater than the hundredths. Since 23.07 has nothing in the hundredths and 23.7 does, we know that 23.7 is greater than 23.07