Yes. All DVD players and drives will read audio CDs (Red Book). This is not actually required by the DVD spec, but so far all manufacturers have made their DVD hardware read CDs.

On the other hand, you can't play a DVD in a CD player. (The pits are smaller, the tracks are closer together, the data layer is a different distance from the surface, the modulation is different, the error correction coding is new, etc.) Also, you can't put CD audio data onto a DVD and have it play in DVD players. (Red Book audio frames are different than DVD data sectors.)