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Yes... and no. 

Buoyancy is a force that a fluid exerts on any object placed inside of it. On Earth, we have Archimedes' principle, which states that the buoyant force is equal to the weight of the fluid that the object displaced. 

But in space, when you're in a microgravity environment, you seem weightless... so everything changes! Buoyancy is still there, but it works completely differently. The pressure of the water pushes on every side of the object, but it is evenly distributed around the object (since gravity doesn't pull it down more one way or the other). So it seems as if nothing is happening at all.