Yes, however I would be careful to note that straight STP is not a VLANs best friend. Vanilla STP will fail to differentiate between VLANs and will ignore them in it's tree. MSTP is the correct pick if your equipment supports it.
Also, I would run your uplinks to two equidistant switches in your topology, not 2 to the centre of your ring, this concentrates your failure points unesccesarrily. sw2 and sw4 would be my choice. That said a true mesh will always be the surest method where available.