Yes, but... Steroids decrease inflammation and therefore help to decrease pain associated with injury or surgery. While a steroid injection or oral steroids may help decrease symptoms, they will not restore cartilage or reverse/prevent arthritis. Nonetheless, they can be helpful if used judiciously to "jumpstart" your recovery.
Better Options. Although steroids do have a role in treatment of arthritis, at the age of 27 and following arthoscopic surgery, I would recommend treatment with a viscoelastic injection such as synvist, supartz, (hyaluronic acid) gel one, hyalgen. Keep your quads strong!