Yes, of course a website which is on high CPC rate keyword but have low traffic on their website generate income from Google AdSense by showing ads on your site.
Concept of CPC:
CPC ( Cost Per Click ) means how much money you will get for click on ads. If you have high cpc keyword on your site then it’s possible you will get more money on every single click whatever you have low traffic on your website.
For example if you have a website on a particular niche such as finance, health or about medical services then chances are high google adsense show high cpc ads your website in this way when a visitor click on an ad that is display on your website it will increase your revenue.
Targeted Audience:
If your visitor show interest in your content that you have been published on your website they will come again & again on your website and spend more time to read your content and click on ads that is relevant to the visitor queries. So it’s mean that however low traffic on your website but due to the high cpc you will get more money from google adsense.
Search Engine Optimization:
Search engine optimization (SEO) play a major role to increase your website traffic organically. If you have written high cpc content on your website but do not focus on proper seo of your content then it’s difficult to rank in the search engine and getting traffic on your website.
 If you are doing proper work on seo add meta tags and description and also include focus keyword in your content that is encourage the search engine to rank your website on a specific keyword and this strategy will impact on your website revenue.
Ads Format:
Google adsense provide different ads format to place on your website such as display ads, header & footer ads, sidebar ads, and in content ads etc. if ads format that you have been used will engaged visitor and relevant to the content then  chances are high they will click on ads.
But majority of content publisher use auto ads of google adsense because google artificial intelligence system detect user behavior and show ads in a particular ads format.
Publish Content Regularly:
If you are registered a new domain and buy hosting to setup your website it’s difficult to rank a new website in the search engine so you have need to work on your website consistently to rank your website in the search engine,
with the passage of time your website bring traffic organically because search engines will show trust on your website and promote your website to resolve queries of their user. If you will get more search traffic on your high cpc content it’s mean that you can earn more money from your website.
