These days -- yes. At one time they would have been used for full scale production -- unless the workpiece was small enough to be handled on an automatic screw machine -- which is an automated turret lathe more or less.
That depends. My 12x24" Clausing came with a bed turret (6 stations) and no tailstock -- but it had full threading gearbox and leadscrew (never used for threading because the threading dial was still stored in one of the drawers in the pedestal.
But I was able to pick up a used tailstock to fit it from an eBay auction.
And it had the standard cross-slide and compound.
However some lathes are made to *only* be turret lathes. The turret moves along the bed under machine power (not hand cranking the spider) and thus engages the leadscrew -- or just a key-slotted shaft to derive power for its operations.
This kind would not have a threading gearbox and half nuts in the apron.
It would probably have a special cross-slide without a compound, but with multipile T-slots for mounting things like turret toolposts in the front and inverted parting tools in the back.
The answer is "yes" or "it depends".
Well ... I am glad that *my* lathe (with a matching serial number on the bed turret) can be converted back and forth. I usually use it as a standard lathe, but some projects (when I am making a lot of something small) just cry for the turret. The workpiece is barstock (usually brass for what I make) fed through the spindle and supported outbound of the spindle in a tubing to keep it from whipping.
Turret lathe tooling can certainly speed things up. For example, a "box tool" can reduce 3/4" to 5/8" in a single quick pass. The turret ram then withdraws and the next time it comes forward, it cuts a 5/8-27 thread full depth in a single pass using a Geometric die head. Next cycle knurls the 3/4" OD using a T-headed knurling tool in the turret. Next cycle drills the center, and the next cycle taps the drilled hole with a releasing tap holder. All running at a constant speed of about 500 RPM. Then the cross-slide grooves the OD at the shoulder to undercut the end of the thread slightly, and then parts off the part to drop into a steel wire basket (hot, y'know). Then feed the stock to contact a depth stop on the turret and off to make the next one.
But I don't think that I would want one which is *only* a turret lathe, unless I were going into longer production runs than perhaps 80 threaded adaptors (one 6' length of 3/4" diameter brass rod).
So -- find out whether the one you are looking at is easily convertible, or is stuck as a turret lathe only.
And also ask yourself whether you need/want to make small production numbers of something.
Note that the turret on that lathe allows me to make the part which I described much *faster* than the Compact-5/CNC could -- even with me using a Taig to do two other operations on stock which was already sawn to near length in a third setup in a horizontal bandsaw.