Yes. A back brace can potentially enhance weightlifting performance. A lower back belt allows people who lift competitively to carry more weight and avoid injury.
Studies have found that wearing a compression back belt while inhaling before lifting heavy objects reduces spine loading. This can prevent further back injury and pain.
Compressing the lower back during heavy lifts allows for more stability in your abdomen and lower back. This increase in stability will allow your lower back to carry more weight and prevent injury to the area.