Yes. If you fire the torpedo at the correct depth (the depth of the target), the torpedo will home on the wake of the submarine.
Active decoys cause a disturbance in the water which causes the wakehomer to be temporarily confused, but usually reacquired quickly.
If the depth is not set close to the target depth, the weapon will not acquire.
If you want to use the 65-76 against subs, I see it being most effective in littoral contexts, when there is less of a depth range to worry about.
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