Pretty much, you can use something like ImageMagick’s compare tool to quickly check if the round trip produced any differences.
It can be a bit muddled because even if the encoding is lossless, the decoding might not be (e.g. subtle differences between using non-SIMD vs. SIMD decoding), and it’s not like you can just check the file hashes since e.g. PNG has like 4 different interchangeable ways to specify a colour space. So I’d say it’s lossless if the resulting images differ by no more than +/- 1 bit error per pixel (e.g. 127 becoming 128 is probably fine, becoming 130 isn’t)
Which replaced Google Play Music, which was actually good.