Yes, MD. Unlike almost any other ticker for any stock, no matter how big, SPY does not require nearly as much volatility to profit on straddles and strangles. A ~1% move in either direction on SPY is enough to book between 5% and 10% profit and if it moves much more your profit multiplies (~2% move = ~100% profit).
This is not, however, foolproof. If there is little or no movement then you can lose money. Best to execute such trades when there is a high consolidation squeeze and a bigger move in either direction is more likely. Profits are even higher on straight calls or puts, but only if you correctly call the right direction.