Yes (however I need to clarify that you should always check with billing support about billing related questions as there may be exceptions or changes that I'm not aware of).
The overview of the monthly Azure credit for Visual Studio Enterprise subscribers calls out a very limited number of exceptions. Azure Lab Services is not on that list, so you should be good to go:
https://azure.microsoft.com/en-us/offers/ms-azr-0063p/
What can I buy with my monthly credit?
The choice is yours on how you use your monthly Azure credit. Use the credit toward on almost any Azure service including Virtual Machines, Web Apps, Cloud Services, Mobile Services, Storage, SQL Databases, Content Delivery Network, HDInsight, Media Services, and many more.Support plans, Application Insights, Visual Studio subscriptions, Azure DevOps (formerly Visual Studio Team Services), third-party branded products, products sold through Marketplace, and products otherwise sold separately from Azure (for example, Microsoft Azure Active Directory Premium) are the only exceptions; you’ll be billed for any of these services used.