Yes, but ultimately Germany lost once the US not only committed material support but manpower. Germany had a technological advantage over the rest of Europe, with better tanks, better weapons, generally better planes. That wasn't the case for the South vs the North. Nobody was arguing it's not a valid strategy but I don't think the South or even the North really tried to employ the tactic. They both seemed to think they'd have a couple of decisive battles early on and that would be it but neither seemed to be committed to a "blitzkrieg" sort of war. If that was the intent of either of them they greatly failed at it. Many armies over the history of the world have shown that a quick striking, ruthless attack can be effective. I just don't know that either army in the ACW was committed to it.
Bewegungskrieg (war of movement), as the Germans called it, is a very old idea going back to Frederick the Great, as Saph noted.
I would argue that the political structures of the CSA prevented them committing to an offensive strategy early in the war where they had a chance of making it work. There were suggestions ca. September 1861 of making a massive concentration (ca. 130,000 troops) at Washington and hence invading Maryland and occupying Washington. Federal intelligence was able to inform the then SECWAR of this plan, and McClellan acted to counter it by strengthening the defences of Washington, arresting the Maryland legislature etc.
Of course, this plan came from the field commanders, but the CS government couldn't convince the states to send the troops from the coastal defences in SC etc. to make this work (see my post
here). It wasn't until the capture of Fort Donelson that Davis started to agree that they needed to make a heavy levy from the states and concentrate them in field armies.
I would argue that had the CSA made a force commitment like it did after the passage of the first conscription act, and concentrated them into field armies, they would have stood a reasonable chance of a knockout blow in 1861.