No. The equation used to determine volumetric water content in the firmware for the CWS655 is the Topp et al. (1980) equation, which works for a wide range of mineral soils but not for organic soils. In organic soils, the standard equations in the firmware will overestimate water content.
When using a CWS655 in organic soil, it is best to perform a soil-specific calibration. For details on performing a soil-specific calibration, refer to “The Water Content Reflectometer Method for Measuring Volumetric Water Content” section in the CS650/CS655 manual. A linear or quadratic equation that relates period average to volumetric water content will work well.