^ yes
Although I think the item's value is on the higher side, so if you used protect items you'd probably save the ring over a R2H/rune set. Don't quote me on that because I've never died with the ring on with a skull.
I was however AFKing in the wilderness (no skull) and I had full hardened rune, drag axe, gauntlets, slayer mask, etc. Basically a whole setup. My ring was one of the 3 items I kept despite having on expensive equipment. It was a dragonslayer ring rather than archer, but given that they cost 1,000,000GP to enchant I'd imagine they're equal across the board. And it saved despite the shop value only showing a measly 16GP value.