Yes, it is. But sometimes you need to adjust it depending on your needs. For example, highway signage needs extra tracking (space between letters) and you often need to adjust it manually.
Also, if you ever designed a typeface (not very likely) then this is a skill you absolutely need.
It would be really interesting to see software that would accomplish this. The tricky part is that the correct kerning changes based upon what font size the text is. Most typefaces are optimized for body copy, not headlines.
