Yes. It really only takes a single, thin coat, usually. I normally let it dry about half an hour, then trim and apply the decal.
One thing I've learned is to apply it before you trim the decal. If you trim the decal first, and if the solution then runs over the side, it might bind the decal to the backing paper and make your life miserable.
Another pointer: use a knife to trim the decal, if possible. The pressure of scissors can still crack the decal ink.