Yes, and text doesn't need to have maximum contrast (#000 over #FFF) to be legible. The website you linked above says:
> W3C's Web Content Accessibility Guidelines set the minimum contrast between text and its background so that it can be read by people with moderately low vision (which is quite common).
If you follow that link to W3C, you'll see that the minimum contrast for text to be considered legible is 3:1, though that's for people with standard vision (it's the lowest rating). To be truly accessible, the minimum we should strive for is 7:1. Anything above that has a AAA rating.
> W3C's Web Content Accessibility Guidelines set the minimum contrast between text and its background so that it can be read by people with moderately low vision (which is quite common).
If you follow that link to W3C, you'll see that the minimum contrast for text to be considered legible is 3:1, though that's for people with standard vision (it's the lowest rating). To be truly accessible, the minimum we should strive for is 7:1. Anything above that has a AAA rating.