Yes,as it is steel framed,and obviously "newer" than the earliest D frames chambered for .38 Special,beginning about a century ago.
The "debate" on "+P",tends to center on the alloy framed guns such as the Cobra and Agent,and the steel framed Detective Specials and Police Positive Specials that are from the 1950's or earlier.(although both of these steel guns were factory listed for the old 38/44 Hi Speed version of the .38 Special,which was factory loaded to near 1200 dps with 150 gr. bullet!).
My own feeling has been to use "regular loads" in the 2 categories for a steady diet,but a +P loading for "serious carry",and maybe a cylinderful for practice! Your hands' pain threshold,depending on your hold,size of hand,and the stocks your Colt is wearing,may well be the "limiting factor". While a helluva lot better than the S&W I and J frames,D frame Colts can be a handfull at heavy recoil!. Hope this helps. Bud