It would appear so. There's a brief mention in HP5 of the shield charm reflecting spells. There's no specific indication whether their effects would have been changed by the interaction
He was improving so fast it was quite unnerving and when Harry taught
them the Shield Charm – a means of deflecting minor jinxes so that
they rebounded upon the attacker – only Hermione mastered the charm
faster than Neville.
Later in the same novel Malfoy Sr. deflects Bellatrix's stupefaction spell. It impacts a shelf and appears to have much the effect you'd expect;
A jet of red light had shot from the end of Bellatrix Lestrange’s
wand, but Malfoy had deflected it; his spell caused hers to hit the
shelf a foot to the left of Harry and several of the glass orbs there
and in HP7, a stunning spell bounces off of a window, hitting an innocent bystander
Harry sent another Stunning Spell at the Death Eater with the twisted
face who had tied up Ron, but the spell missed, rebounded on the
window and hit the waitress, who collapsed in front of the door.
and Hermione's "Blasting Curse" bounces off of a wall and destroys Harry's wand.
‘Harry,’ Hermione whispered, so quietly he could hardly hear her. ‘I’m
so, so sorry. I think it was me. As we were leaving, you know, the
snake was coming for us, and so I cast a Blasting Curse, and it
rebounded everywhere, and it must have – must have hit –’ ‘It was an
accident,’ said Harry mechanically. He felt empty, stunned. ‘We’ll –
we’ll find a way to repair it.’