Yes- it's common to drag a track into Ableton and use that as a reference for a few different reasons. You can try to mimic particular sounds, the structure of the song, or the overall mix. For example, if I like the hat of a particular house song I can try to match the sound and loudness of the hat I'm hearing from the reference, as well as how it's mixed and when it appears. There are a ton of videos on the best to go about using one. Also, if you want to take the route of just trying to copy a song exactly that's a great way to learn. It'll be far off but it's a good exercise to go through.