Yes. The main thing they will do is check for duplicate or otherwise fraudulent entries. They will be doing simple name, address, phone searches and comparisons of the photos digitally against other entries. I believe they do this on the 125k selectees against the 15 million entries - and that results in a significant number of "holes" in the numbering. Once they get the 122 and 230 forms they may do further (similar but more detailed) checks prior to sending the case to the consular offices nearer appointment time.
What they DON'T do is stuff like checking your education evidence - because none is required with the 122 and 230 applications.