In a general sense, yes. Your device will do just fine. However, a caveat is that you must take into consideration the flavor of android you are planning to target. e.g. Working on a Froyo flavor won't necessary guarantee it will run on the latest Jellybean and so on.
Hell, I started developing android almost 2 years ago (but stopped indefinitely) but it was only this year that I took it upon myself to get a PHYSICAL android device when I continued to develop my app. For no particular reason I just dropped by the local gadget mall and randomly picked the Samsung Tab 3. Yes, reviews are bad and it kernel panics a lot but these are trivial things for my specific use.
The one major problem I had? Dealing with REAL input from REAL data on a REAL device. My app worked sufficiently fine on the emulator. When it ran on the Tab it was breaking everywhere!