Yes - it is often the only and best option. There are many products made for this use specifically but you will not find them at your local building supply store. Even pro concrete contractors will be clueless in dealing with this situation.
I used Sikaproof waterproofing membrane to provide a barrier between the siding of my house and new concrete steps that were being poured.
Another product is Laticrete Hydro Ban that is a single component self curing liquid rubber polymer.
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