Yes, of course. That's the whole point.
Here's the government site: www.gov.uk/change-name-deed-poll
You can't use multiple names at most banks; you can't change your name for fraudulent purposes (though I'm sure you wouldn't admit it if you did).
The reason for an enrolled deed poll is that, by having it, you need fewer supporting documents for the passport office.
But it surprised me how easy the process is. I publish under one name, which wasn't my legal name. It was never a problem with jobs - I'd apply with my publications in that name and would explain why it wasn't the name on my passport.
Then I was offered a job and they said no, your names have to match, we need your legal name to be your publishing name. They wouldn't confirm the job offer without it.
So I took my job offer letter (conditional; unsigned) off to the passport office, along with a copy of one of my publications and my freebie home-print deed poll, and they were fine with it.
Then I took my new passport back to my job people, and they were fine with that.
And since then I've done my bank stuff and so on from the passport.
The only issue is sometimes people do want to see a certified copy of the deed poll, and it would be less faff if I'd had the enrolled one as I wouldn't constantly have to argue my case. In theory, though, the free one should be fine, and the bar for proving you've reason to change your name is actually extremely low.