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Yes. It grants indefinite residence in Germany and lets you travel within the Schengen area for up to 90 days in any 180-day period.
The settlement permit is an open-ended residence title, meaning it does not need to be renewed in the way temporary permits do. It establishes your right to live in Germany indefinitely.
As a German residence title, it also allows travel within the Schengen states for short stays, typically up to 90 days within any 180-day window. You should still be mindful of rules that can lead to the permit lapsing after very long absences from Germany.
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