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Yes. The status lets you settle in almost all other EU member states (except Ireland and Denmark) under less strict conditions, and entitles you to work, study or train there.
One of the core purposes of EU Long-Term Residence is intra-EU mobility. With it, you can move to settle in nearly every other EU member state without starting from scratch, and you are entitled to work, study or undergo training in that second country.
Ireland and Denmark do not participate in this scheme, so the rights do not extend there. In the new country you will normally still need to apply for a residence document and meet that country's local conditions, but the process is lighter than for someone applying from outside the EU.
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