Very much yes! The Congreve Rocket was developed by Sir William Congreve (hence the name) in 1804. It was a popular enough weapon of the Royal Navy and to a lesser extent the British Army during the Napoleonic wars and, importantly to Francis Scott Key's poem, during the War of 1812 as well. Rockets had been around and known for a while at this point, the British encountered them in India in the late 1700's for example. Congreve improved on the range and effectiveness of the design to make them more viable as a military weapon. Rockets were not overly accurate, compared to cannons, but they were lighter and could be fired more quickly, making them excellent in a siege or the bombardment of a fort. The rocket equiped warship HMS Erebus was present at the Seige of Fort Mchenry, and it was the salvos from her that inspired the famous line you refer to.