Sure… There is even a more sophisticated level you can go to. And that is put your stair pieces in a collection. Then Add/Collection Instance, and choose the collection.
Now whatever you put in the collection is replicated. It is yet another level of cool when instancing. The added benefit here is saving ram. Consider a stadium full of stairs.
Alt D is not really a true instance in terms of saving ram.
Either way with a collection instance you can have more than one object and it starts to get real flexible and powerful.