Yes, though I'm still not quite sure what to do with these manufactured wood fretboards. In theory the resin that's holding the wood fibres together should encase all but the exposed wood fibres, so that they won't loose any more moisture. But I've tried putting lemon oil on them and it just seemed to soak it up pretty quickly, so I'm not sure what the correct long-term answer is. They can certainly benefit from rubbing down with sandpaper to make them feel smoother (which means that you'll need to polish the frets afterwards to remove the sandpaper scratches). You wouldn't normally put any finish on the face of a rosewood or ebony board (only Rickenbacker normally lacquer them like a maple board), but there's nothing stopping you from putting some wax on from time to time if you like the feel.

Lemon oil is used to stop the fretboard from shrinking over time, leaving sharp fret-ends, as the moisture in the board evaporates. The oil replaces the moisture and also darkens the appearance of the board. It's not primarily used to make the board feel smoother, and one should avoid using too much oil so that it's not absorbed and remains on the surface, so if there's any still sitting there after a day, then it should certainly be wiped off with a clean rag.