Yes. It's very good, in fact, because it's a whole body exercise, it has good aerobic effect, and there is also a resistance element.
"Toning" isn't really a properly defined thing though. It's just a marketing word for reducing your body fat and increasing your muscle until you get a bit of visible definition. You could achieve that in a multitude of ways: swimming, calisthenics and aerobics, kettlebell training, HIIT incorporating plyometric movements...