Yes, and— if you are an established PI who expects n reviews on your submissions, then you owe the community at least* n reviews per submission in return.
Bruce Hamilton
Two pleas from a journal editor:
1. If you're mid-career or senior and are declining a review, please recommend a junior colleague.
2. If you're early-career and want to be asked to review papers, please ensure editors can readily discover your expertise, current affililation, and email address.