Yes, but only for the first payment. Shopify gift cards cannot be applied to recurring subscription payments.
This is a Shopify limitation with subscriptions, learn more here.
How gift cards work with subscriptions
When a customer uses a Shopify gift card to purchase a subscription, the gift card balance is applied only to the initial order. All future recurring payments must be charged to the customer's saved payment method (credit card, debit card, or other supported payment gateway).
To ensure smooth recurring payments, customers should use one of Shopify's supported payment options when purchasing subscriptions. Skio securely stores customer payment information through Shopify to process future subscription orders.
Learn more about Subscription considerations in Shopify here.