Yes. The ODIN GPS-03 has four different methods of finding the actual location, including triangulation. If the device is indoors with no visible sky it will still be able to approximate the location, however it will be less accurate. You can view the actual signal strength of the shown location in the ODIN tracking app.
Tip: all ODIN trackers have built-in self-learning mechanisms which allows it to get to know its surroundings better over time. Whenever the ODIN tracker has a valid GPS fix (3 bars of signal strength) it will record various information about the surroundings. This will allow the tracker to get a more accurate location the next time the tracker is located in the same vicinity (even in a building!). If you have difficulty getting an accurate location indoors, try placing the tracker near a window for a few minutes with real-time tracking enabled. Alternatively try walking around the outside perimeter of the building(s) with the tracker. Within a few hours you should then be able to see an improvement on the signal strength, even when placed away from a window inside a building.