short answer--- Yes.
A properly constructed refugium will HELP to lower nitrates. The key IMO, would be a healthy Chaeto ball, maybe some other macro like Gracelaria, a good deep sandbed or mud, good LR, and a good cleaning crew full of sand creatures, like ceriths, Nass, sand sifting stars etc... Note- that a sandbed should be a large area, not just deep. Your refugium should be well lighted with something in the range of 6700K to promote good growth of the macro's.