Yes. You are talking about reverse proxy (or "HTTP accelerator", which is an inaccurate term for the same thing). This can be very effective, and so many high-performance sites use this technique.
A key element to make the right choice is the HTTP headers related to caching. Therefore, I highly recommend reading the HTTP RFC (this really can be done). If you do not get the right headings, you may have little effect or even security problems (if personalized pages are cached and presented to the wrong people).
Also: you may need to split your page into parts to get the best caching effect. Example. If you insist that the clock in the corner of your pages display the current server time until the second, then the whole page becomes cached for only a second. So, 1) drop the stupid clock, or 2) whether they create the client side of the script - or 3) so that the client side of the script pulls out this particular part of the page from a special URL, which then displays only a small constantly changing, non-cached piece of HTML.
I once used Squid as a reverse proxy for a large website. Currently, if I do this again, I will try Varnish .
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