Time Machine file structure?
Yes - copying any of the folders will use the hard link to make a full copy of that moment in time. The hard links only work on the same filesystem, so you can test things if you are copying to the same volume but most instances where I do this, I'm copying to another volume (compressed disk image or physical/logical volume).

In a nutshell - using Finder (or rsync/ditto) to make a copy of any of the folders will result in a functional full copy of the system at that point in time with all the files intact.