Yes, it is. However, this meaning of the word is rare. It is somewhat formal and old-fashioned. You would not hear it often in conversational US English. Usually, "frequent" is an adjective meaning habitual, regular, or often: "Sunsets are frequent occurrences."
However, "to frequent" can also be a transitive verb. "to frequent X" means to be a habitual or regular visitor to a place. You "frequent" something if you visit it frequently.
In everyday speech, instead of saying "I used to frequent Paisan's restaurant," you would be more likely to say "I used to go to Paisan's all the time," or "I was a regular at Paisan's."