Yes and also... Naphcon works well, along with cold compresses and artificial tears for lubrication and relief.
Safe. Yes, its safe. Make sure you throw it out after 1-2 weeks so you don't reinfect your eye.
Limited use. Naphcon is a vasoconstrictor that causes the blood vessels on your conjunctiva to constrict and this causes the redness and congestion to go down. It is a symptomatic treatment but does not change anything with the viral infection course. Overusage of the naphcon is a problem as it can cause rebound vasocongestion (more redness and discomfort). Some people become "addicted" to these drops.
Find the Cause. Naphcon-a merely treats a symptom! A proper eye exam is necessary to determine the underlying cause of redness. The most common causes are dry eye, ocular allergy, blepharitis and viral conjunctivitis. There are also some more rare causes of redness that need to be ruled out.
Pink eye. Pink eye could be from material viral or allergy related consult your physician as napthcon a is good if the cause is allergy related.
If Allergic. This medication is for the temporary relief of the minor eye symptoms of itching and redness caused by ragweed, pollen, grass, animal dander and hair...essentially Allergic causes. If bacterial conjuctivitis (pink eye), than you would need a different antibiotic medication that covers that.