Yes, since it is neither the first letter of a word and directly preceding a vowel, nor is it between two vowels, it is pronounced as a vowel. If it did fit either of those criteria then it would be a consonant or consonant/vowel.
It's the same thing as with V (U). Recall that both V and U are the same letter. Because VIAS begins with a V followed by a vowel, it is pronounced as a consonant. However, in the word AVDIVERAT, the first V is a vowel, but the second is a consonant because of its position between two vowels.
flebile nescio quid queritur lyra, flebile lingua murmurat exanimis, respondent flebile ripae