Yes. Shangtian Chao, even if he'd be one of the strongest Shangtian, might not be able to beat Yichen since Yichen is powerful beyond what a Shangtian would normally could be, but Golden Core Formation is Shangtian++. I don't know if it'd be no-diff, low-diff, or high-diff, but he'd win.
Yichen is powerful, but he did not create a near-Transcendental art when he was a Houtian like pops did. Chao definitely has the higher battle IQ (It's just a shame it isn't passed down to his descendant since MC is decidedly lacking in that department LMAO), so in a battle of near or equal power, he'd come out on top.