Yes it is.
I can't cosign the best martial arts movie of the 80's, though. Especially with stuff like The Killer, Hard Boiled, Jackie Chan in his prime, The Prodigal Son, Yes Madam, My Young auntie but it's up there, and one of the few actually good Hollywood martial arts films alongside The Matrix, Karate Kid and its remake, Rocky series, and Undisputed series and maybe stuff like Million Dollar Baby.