Yes, 8086 processor uses code segment register to create 20 bit address for memory accesses like [BX].
A segment register changes the memory address accessed by 16 bits at a time because its value is shifted left by 4 bits or multiplied by 16 to bind the complete 20-bit address space. The segment register value is added to the addressing register's 16-bit value to produce the real20 bit memory address.
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