Yes, and normally if an IP address is statically assigned, the DHCP server will not try to assign it because the ARP cache will show that address in use. So, if you accidentally use an IP address that the DHCP server might allocate, if it is properly looking at the ARP table, it will not try to assign it.

Having said that, all DHCP servers are not created equal; but for small LANS, no problem usually. For very big LAN segments, more robust DHCP servers are a good thing.

BTW, on my little D-Link cable-modem router with DHCP, it is a configuration option to tell the D-Link DHCP process what range of IPs to allocate.