Yep, although some also reflect the names of the botanists who 'discovered' and documented them. Orchids are bad for this and are now in a huge upheaval of name-changing.
How about Habenaria erichmichaelii? You'd think Mr. Erich Michael might have been satisfied with just putting his last name on it, wouldn't you?
A little caveat on this, although I do like to know the Latin names too - some people think you are being a snobby elitist if you spout Latin names too much. I volunteer at Plant Clinics where it's encouraged to use common names with the general public unless you're asked specifically for a botanical name.
