Yes, if you write $V \propto I$ it means:
$$V = kI$$
for some constant $k$. If you rearrange this equation to:
$$I = \frac{1}{k}V$$
this is the same as:
$$I = k^'V$$
for a new constant, $k^'$, and therefore $I \propto V$.
Response to comment: in some situations it makes sense to think of the current dependent on the voltage, but in others you would think of the voltage dependent on the current.
For example, suppose you have a battery with a known voltage, $V$, and you want to know the current. You'd normally write:
$$I = \frac{V}{R}$$
and feed in the voltage, $V$. On the other hand suppose you have some resistor, $R$, with a known current, $I$, flowing through it and you want to know the voltage drop accross the resistor. In that case you'd write:
$$V = IR$$
And of course there's a third case where you have a battery with a known voltage, $V$, and you measure the current to be $I$, you might ask what the resistance is. In that case you'd write:
$$R = \frac{V}{I}$$
All three of these equations are just rearrangements of each other, so they're all basically the same equation. You just rearrange them to suit the question you're trying to answer. This is pretty common in Physics. In due course you'll learn about ideal gases where there's a similar equation $PV = RT$, and you rearrange this equation in different ways depending on what you're trying to calculate.