Yes.

The pO2 goes from 43 mm Hg on room air to 452 mm Hg on oxygen (normal is about 100 mm Hg). This suggests that the patient's hypoxemia is not due to a shunt. In emphysema, areas of the lung are poorly ventilated (VQ mismatch) because the air in them cannot be breathed out (the airways collapse as soon as the air starts moving out). On 100% oxygen, all the air in the lung eventually is replaced with oxygen and full oxygenation can occur.

This would not happen if a shunt was present because in that case the shunted blood is never exposed to oxygen and remains hypoxemic. When it ultimately mixes with the oxygenated blood coming from the lungs, the final oxygen content of the blood is the average oxygen content of the shunted and oxygenated blood (which is less than full oxygenation).

Blood gases: 

            Room Air          100% oxygen
pO2            43 mm Hg           452 mm Hg
pCO2           22                  34
pH           7.51                7.38