Short answer: yes.
As stated above, everybody's got his idea on this. For me, I consider a C&C system good when the game makes me care about the choice I make. If there is varying content depending on the choice, TW2 style (which is present in TW3 as well anyway, as quests do branch out), all the better, but not a necessary requirement. What matters to me is how I feel about the result of my decision and what it would mean for the characters' fates (otherwise no point in having choices and consequences in the first place). What I look for in many RPGs but so many fail to provide, while TW always managed to give me.
The series as a whole has always done this well, and TW3 better than the previous games when it comes to what I said earlier.
As examples, the spirit tree quest made me involved in the fucked up life in Velen, and I did care about deciding which one in my opinion was the lesser evil between the spirit and the Crones, based on investigation (context WAS there, but it was easy to miss), reading books and exploring. That quest fucked with me so hard.
The mice tower, another one that gripped me, I ended up freeing the Pesta and then I realized that if I had analyzed the clues better and explored other dialogue options, I could have prevented that. At a price. Felt bad about that too.
The King of Skellige, it was smart from the devs to make you go through individual quests with Hjalmar and Cerys before letting you make the quest that would decide who would be to rule. That way, I felt more connected to the characters and I could "bond" with them, making my decision all the more meaningful for me, the player.
And many others. Bottom line is, TW3's narrative succeeded in making me care about the characters enough to feel for them and motivating me to make what I thought was the best decision for their fate. This level of investment, I had never experienced in any other game, so props to CDPR for that.