Yes, until the bulb burns out, and then the fan stops. Depending on the motor controller, some act like that and generate a fair amount of heat. Some chop the output.
You might want to check the motor itself...some have multiple windings, allowing more than one speed. They save money by not wiring them up. All you may need is a 2-3 position switch, properly wired to control speed. If there are more than two wires to the fan motor, look closely at the data plate. You might be lucky. Also, there may be a set of jumpers...those may allow an alternate speed.