Yes, its a power source that will supply 3.7 volts.
Questions that need answered are:
Will it provide the necessary current? Lithium ion batteries can vary in internal resistance. As each application is different, some times higher internal resistance can allow for longer battery life. The battery may have been manufactured with a different purpose in mind which will result in lower vaping performance.
Is protection built into the battery or the phone? This is of particular interest when charging the cell. Most phones have charging circuits built into the phone, often this includes overcharge protection. Charging without protection is dangerous.
Will the battery be able to handle the stress? This is always a concern.
Is it really that much cheaper? 18650's run $6 to $12. Cheaper batteries are always going to perform worse. This holds true for both 18650's and HTC batteries.
Will it Vape? well sure. You could stack lemons together and vape it if you wanted to, however the practicality of it comes into question.
Personally, I wouldn't waste my time with it. I don't have any spare HTC batteries laying around.