The answer is yes and no.
Yes you can use a standard 400-yard track or a 440-yard track to conduct the PT test, but the lap on a 400-yard track is just short of a 1/4 of a mile. To compensate for this you have to add additional distance to the run.
If a 400-meter track is used, the OIC/NCOIC must add an additional 61 feet, 4 inches to the standard 8 laps to ensure the test’s required 2-mile distance is covered.
See FM 7-22Appendix A