Yes the natural bacteria in the septic tank will allow the toilet paper to break down within a day after flushing the toilet paper down the septic tank.
Most if not all toilet paper that you buy should be septic safe and will break down once flushed into the toilet and into the septic tank.
When you put the toilet paper into the toilet you should notice that once the toilet paper lands in the water it begins to break down some to allow it to go down the toilet.
The toilet paper once in the septic tank should be fully broken down and dissolved within a few hours to a day in the septic tank.