Yep, sure is. The regulations specifically state you can bone them as long as you bring out all the "edible" meat. That means all 4 quarters, the backstraps, the loins, the neck meat and the rib meat. Organ meat such as heart and liver can be left in the field but in my opinion should also be brought out for the freezer. If you bone them, you still have to leave evidence of sex naturally attached to one of the pieces. Since you can't leave the head normally attached when you bone one that means the sex organs must be attached. It's not hard to do but you need to plan ahead to know what you're doing. I always leave evidence of sex on the first hind quarter I bone and attach the tag to that piece as well. That way I know it is done.
I haven't brought out elk bones in over 20 years. Coyotes have to eat too and I leave the bones and skin where the elk hits the ground. But, if you're going to bone one remember to have a pack frame handy and enough bags for the meat.