Yes, but it will only build endurance and aerobic capacity in the muscles used, ie, your upper body and your core. It will not build your legs, or strengthen you hearts and lungs. WTBS, an endurance trained upper and core will also be a part of the lactate vacuum cleaner, so it will not be totally wasted for runners, and definitely a good thing for skimo and pole hiking/running.
The reason most people only use it for HIIT is that it may be incredibly boring for endurance sessions. An iPad in front of you and a Netflix subscription might help. Also, try some shorter part standing on one leg to get variation and to train core activation.