Anecdotally, yes. I use a YubiKey for a lot of services and found it does pass through TeamViewer sessions. For example, I've unlocked my LastPass account on a remote computer while having the YubiKey in my local computer. What I've found is that the YubiKey just sends a long text string as if typing it. That long string changes on each activation so it's unique each time you use it. You can test this by opening Notepad (or any other text editor) and activating your YubiKey.
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