Sure is. Plus, it's much more "granulated" than Splenda--grainy in texture--which is helpful in some recipes.
It's a mix of stevia (an herb) and erithrytol, which is derived from grapes and pears. It's certainly more natural than Splenda, though erithrytol (which is the first/biggest ingredient in Truvia) is a sugar alcohol, which can lead to digestive upset, gas, and other unseemly side effects if consumed in large quantitites. So be careful with how much you consume or you may become best friends with your bathroom.
Plain stevia won't give you that side effect, but sometimes it has a licorice-like aftertaste, so experiment with brands and types (powder, liquid, etc.) to see which you like.