Yes, but PHP will be running as CGI regardless of whether you enable or disable FastCGI support.
If I recall correctly, you used to be able to choose between running PHP as either CGI or an Apache module via the panel, but this is no longer the case. These days, the only way to run PHP as an Apache module is to add the .htaccess line that Atropos7 posted above.
There is some more information on this in the wiki article linked below;
Edit: Beaten by Atropos7
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