Yes, it can, but 'beautiful' has quite an emotive quality to it. While a (straight) man might acknowledge that another adult male is 'good-looking', he would not use 'beautiful'. Meanwhile, a love-struck woman who has just seen a man she considers to be physically the most perfect human being who has ever lived, she might describe him as 'beautiful'.
'Good-looking' can be an objective judgement, but 'beautiful' rarely is.
Also, while the world is full of attractive men, there are very few could be considered beautiful.
'Beautiful' suggests perfection, and (sometimes) feminine qualities. One man who was often described as beautiful was the actor Paul Newman, especially when he was younger. Google image a colour picture of him and you'll know what I mean - dazzling blue eyes, perfect bone structure, combination of broad jaw and sensitive mouth. Such things are subjective, obviously, and vary according to culture and changing fashions, but if you want an idea of a 'beautiful' man, then he's a fairly good example. And a decent human being, too.