Yes. It is a key word.
It normally comes with, “nibbidā virāgā nirodhā..”, meaning “not grasping (detaching from), losing craving, and stop from arising”.
And it is used with rupa, vedana, sannna, sankhara, vinnana.
When one sees the anicca nature, one will lose craving for them (viraga), will get separated from them (nibbida), and that will lead to nirodha (stop all of them from arising).
That is what leads to Nibbana.