Of course. It does not mean that there are not people who disagree with him or that we will often not pasken like him. However, the term generally means the one in the generation who commands the greatest level of respect in terms of psak over most others. For example a few who have attained such title : R. Yitchak Elchanan, R. Chaim Ozer & R. Moshe Feinstein. There are many times where the world is not noheig like a psak of R. Moshe. However, most would agree that in the last 20 years or so of his life there are few in the Ashkenazi world who contributed to modern day psak halacha like R. Moshe.
It is also worthhiel to note that not necessarily does every generation have someone to whom the world can point to as the posek hador. There is also a difference between a posek and a manhig.