Of course! Heck, I even have about 3 different apps like that on my own iPad that I toy around with. They are cool, easy to use, and often give you a really nice looking logo for your business.
Wait!? You’re telling me I don’t have to spend $$ to get a new logo? Sure, I’m being honest. But…yeah, you knew there was a BUT…you should understand that there are limitations with those apps. Mainly the availability of your logo, where you can use it, and the “in-app” purchases you often have to make to get that special font or design that you saw in the demo.
One other important thing is that editing the logo later on, manipulating it for your businesses different needs, are going to show you why purchasing a professional logo is so important. Take that logo and try to use it in marketing printed materials, or for an ad where you need a particular version/file type. Say you want to use the logo to have it screen printed onto a shirt, or create something else with it. That is when you will find the limitations with using logos like this.
I’m all for try it out, see how you like it, then perhaps find a designer who can work with you to expand on the design and offer you different options so you can make sure this new logo will fit your needs for years to come.