as far as I know, yes, because if can be rolled back
CREATE TABLE dbo.foo (bar int)
SELECT fooid = OBJECT_ID('foo'), barid = OBJECT_ID('bar')
BEGIN TRAN
EXEC sp_rename 'foo', 'bar', 'object'
SELECT fooid = OBJECT_ID('foo'), barid = OBJECT_ID('bar')
ROLLBACK
SELECT fooid = OBJECT_ID('foo'), barid = OBJECT_ID('bar')