Yes, as long as the APFT includes an aerobic event it is considered valid. See the extract of AR 350-1 below. You may also wish to review FM 7-22
Extract of AR 350-1 paragraph 1-24e page 11-12
e. Physical fitness standards are developed by TRADOC and approved by HQDA, DCS, G–3/5/7. The APFT provides a measure of cardio respiratory and upper and lower body muscular endurance. It is a performance test that
indicates a Soldier’s ability to perform physically and handle his or her own body weight. Standards are adjusted for age and physiological differences between men and women. The APFT consists of pushups, situps, and a 2-mile run, done in that order on the same day. To be considered a record test, these events must be completed within two hours from the start of the pushup event until completion of the 2-mile run or alternate aerobic event. (See repetition and time guidelines in FM 21–20.) Record APFT scores will be annotated on a DA Form 705 (Army Physical Fitness Test Scorecard). For Soldiers on a permanent profile or an extended temporary profile (more than three months), a record test must include an aerobic event. The only approved aerobic events are the 2-mile run, 800-yard swim, 6.2-mile bike ride (stationary or track), or the 2.5-mile walk. Soldiers on permanent profile or a temporary profile of long duration (more than three months) will receive point scores for only those events taken. For example, if a Soldier has a permanent profile for the 2-mile run event and score 70 points in the pushup, 85 points in the situp and receives a “GO” for the 2.5 mile Walk, he will receive a score of 155 points in the total score column of the DA Form 705 (see FM 21–20 for APFT scoring).