Short answer: Yes.
Long answer: If you are returning smaller data sets, yes. You'll also need to enable specific flags and settings in the pgodbc driver as Access will barf from what is fed back to it from the server:
KSQO (Keyset Query Optimization) should be on. Yes, I know the docs say it's not required, but what's happening is that MSAccess is passing the server some rather knarly looking SQL. This just de-clutters the SQL statement a wee bit. Don't believe me? Turn on Logging for ODBC, send a single query, turn off the log, plow through several megs of chaff, and 90% of the way down you'll see a nasty looking SQL statement that was generated and passed. No, it's not the ODBC driver, it's Access doing that.
Use Declare/Fetch should be on if you plan to interactively look at a large data set. This will cause the driver to fetch smaller chunks of your result set, instead of dumping one monster load into it.
Text as LongVarChar - you may wish to test this. I suspect you will want it "on".
Unknown Sizes should be set to Maximum.
Max Varchar is recommended to be at 254 or less, although you can make it more.
Extra Opts - set to 0x6 (Fake MS SQL Server + Reply in ANSI not Unicode).
(all of these can be found at http://psqlodbc.projects.postgresql.org/config.html)
Keep in mind that large data sets will cause you pain, despite the fact that the data returned from the server is generally in a compact binary format.