As I read the protocol, absolutely. It's a judgement call as to whether a foul has occurred (especially when the referee didn't give it in the first instance) not a 'point of contact' or factual decision (like offside, ball out of play, goal/no goal, for instance).
Except that isn't how its supposed to work - for everything except issues of a factual nature (which deciding whether something was a foul or not isn't) according to the way I understand the protocol, the referee should conduct an on-field review.
Again, this is not how the protocol works. The VAR officials are only to report the facts of what they have seen to the referee, they are not to make any determination of what the decision should be (except for wholly factual matters, as mentioned). If the decision is something that comes down to a matter of opinion or debate, that has to be left solely to the referee.