Of course, in order to recover this way, you have to ensure that the recovery model of a database is set to FULL, and you are taking regular Transaction Log backups throughout the day
You dont need regular log backups in this case, transaction log backups are good if you lose that drive that has the ldf files (and providing your backups are on a different location)
In your senario you can use last nights full database backup and the current live transaction log to restore to any point in time cover by that transaction log as long as the backup chain has not been broken.