Possibly. Although eating soy-based foods can slightly reduce your low-density lipoprotein (LDL, or "bad") cholesterol level, the American Heart Association has concluded that soy doesn't significantly lower cholesterol.
However, eating soy-based foods can still be good for you because soy-based foods contain less saturated fat than meat does and also provide other beneficial nutrients, such as good fats (monounsaturated fats), vitamins, minerals and fiber.
If you substitute soy for animal-based products, this switch — rather than the soy itself — may reduce your cholesterol.
Talk to your doctor or dietitian if you're interested in adding more soy to your diet.