Yes you can. What makes it the master or root, is its relationship to the other bones. Just parenting. Nothing special. Your rig is a little too simple for walking. You can do it, but it won’t have very much to work with. You can make it walk in place and then move it along though space with the root bone. There are techniques for that. Try searching “Stride Bone” and “Walk Cycle”. There are tutorials for setting it up so you can just have the walk cycle repeat and move the root bone along using the NLA I believe. Anyway I apologize, I don’t work that way so I can not give you specifics.
The way I work is to move the hip bone along with key frames as I make the walk.
But to your specific question. A root bone is the parent of all chains and is usually positioned at the hips sticking out backwards with the tip facing away from the character’s back.
Go into edit mode on your rig, don’t select any bones. But put the cursor at the center of the X axis and you can even set it to snap to the base of the lower spine bone. Then add a bone. It will start there at the base. Rotate it back 90 degress so it is facing backwards.
Then make it the parent of all of the bone chains. The legs and the spine in this case. The root bone does not deform so turn that off in the bone properties.
To convert your simple rig into something much easier to pose for walking you can do this:
First you’ll have your rig divided into two parts.
Upper Body
Lower Body
And you can use the root bone as I suggested but it will have a different function.
On the lower body:
Simply add a foot bone to the bottom of each leg. Do it in the same way as above, but snap the cursor to the tip of each lower leg bone and add a bone. Don’t make it a child. Or if you want to extrude it, unparent AltP after.
These will be your IK targets for each leg chain. You don’t need any foot bones or deformers for this simple character so turn deform off on these bones.
Then in Pose Mode select the foot bone and then shift click the lower leg bone and then Shift I. This will set up am IK chain.
Make sure and make the chain length 2 in the constrain properties. Do this for each leg.
Now you can simply convert any simple walk cycle tutorial to this rig. But no messing with the feet. All you have to do is position the foot bone.
The root bone now functions to move the upper body dragging the leg IK chains but leaving the feet in place. The feet stick to the floor until you move the foot goals into a new position. More to the walk cycle but this is the basic set up that will work for your character.
If you want a root bone to move the entire character, create another one and parent the “Root” or now “Hip” bone as it functions under the IK set up, and the feet goals to this bone and you can move the entire rig around with it.