Yes
Keg, that's EXACTLY what it means - simulated Instrument
Meteorological Conditions. The IF part is real (obviously), however the visual cues have been artificially removed, either by placing a hood over your head, or sticking you in a box (the "lurching cave", as it's more commonly known)!
[Sorry, but
my name's not
Check - however I'm
pretty sure that he'll agree.]