Yes. Technically, the average speed is the harmonic mean (not the arithmetic mean) of the two speeds, i.e. 1/S =1/2*(1/S1 + 1/S2). Or more generally, when the distances are not equal,
S = (D1 + D2)/(T1 + T2)
(D1 + D2)/S = T1 + T2 = D1/S1 + D2/S2
Hence S is the harmonic mean of S1 and S2 when weighted by distance, as is commonly the case in questions like "go there at one speed and back at another". However, we can also write
(T1 + T2)*S = D1 + D2 = T1S1 + T2S2
S = (T1S1 + T2S2)/(T1 + T2)
So S is the arithmetic mean speed when weighted by time. The common error is to assume it is the arithmetic mean when weighted by distance, which is not true.