Sort of. In the sense that Model Master, Tamiya, Liquitex and no-name craft store acrylics are all the same thing.
If you buy clear flat laquer from a hardware store, here's what you can be sure of, barring a disastrously bad-quality batch: it will be (relatively) clear; it will be relatively to very flat; laquer thinner will act as a solvent on it.
What you won't know without testing: how "hot" it is - i.e., whether it will eat acrylic paint, enamel paint, styere plastic, CA glue, etc.; how hard it is, physically - i.e., whether a fingernail will scratch the finish once its done; how hard it is, chemically - i.e., whether an oil-based wash will dislodge or discolor it (unlikely, but possible); whether it will yellow over time (more likely than you think). Excessive "hotness" and yellowing are the 2 most likely problems, in my experience.
Will it work out? Probably. But how much of a chance are you willing to run?

At the very least, test it on a similar piece of plastic (ideally the same type as the model) that has been painted by some of the same paint, applied in the same way. You won't be able to tell about the yellowing for a few months or years, though you may be able to speed it up by leaving the test piece in direct sunlight.
Maybe someone can recommend a particular brand of flat laquer they have used successfully over time?