As Al says ........... sort of ........... I've done this many times, but polystyrene is not the best insulator. Better than nothing of course, but foam boards like Celotex or Kingspan are over twice the insulation value.
Technically, it really needs a vapour check (thin polythene) put over the insulation, under the flooring. The reason is, without it, water vapour in the air can get down to the cold concrete and condense on top of your damp-proof membrane. Water could accumulate there. Not a good thing even if you've used treated timber.