Yes. It's just one of two portals in your portal-gun and another one is always placed with stationary portal device on the wall

havent played yet but wouldnt it just be like if you had only the blue portal gun? if you have only one color portal, regardless of which one, you still can only use the portals if one of them is placed in the level editor. Or in other words, with just one of the two portals, you have the same experience regardless of color