Yes.
In the Schrödinger equation $\psi$ is arbitrary. Therefore there is nothing that makes $\hat{A}\psi$ special with respect to $\psi$. If you are bothered by this, expand $\hat{A}\psi$ in the complete basis of energy eigenstates and use the linearity of the Schrödinger equation.
The observation raised by @Nikita is incorrect because
$$
\frac{\partial (\hat{A}\psi)}{\partial t} \neq \hat{A} \frac{\partial \psi}{\partial t}\,,\tag{1}\label{1}
$$
regardless of the picture used. Actually the equality would hold if $\hat{A}$ were a symmetry of the Hamiltonian, thus the vanishing of the commutator of $\hat{A}$ with $H$ is consistent with it. I'm ignoring the situation where $\hat{A}$ depends explicitly on $t$ because that would be trivial.
The truth is that, in the Schrödinger picture, $\hat{A}\psi$ just evolves like a regular state
$$
\hat{A}\psi \to e^{-iHt/\hbar}\hat{A}\psi\,,
$$
and not like
$$
\hat{A}\psi \not\!\to \hat{A}e^{-iHt/\hbar}\psi\,,
$$
as \eqref{1} would imply. This follows from the fact that we demand that the norm of the state $\hat{A}\psi$ (or any state for that matter) must be constant with time . But if we evolved in the way above one would have
$$
\|\hat{A}\psi\|^2 \to \|e^{iHt/\hbar}\hat{A}e^{-iHt/\hbar}\psi\|^2 \neq \|\hat{A}\psi\|^2\,,
$$
again, unless $\hat{A}$ commutes with $H$. Another motivation is that is simply does not make sense to pick out a set of states that evolve à la Schrödinger and then make all the states obtained by acting with some operator on them evolve differently.