Indeed. A possible alternative to a formula like:
=LOOKUP(C1,A1:A4,B1:B4)
for finding an approximate match in numeric data that need not be sorted is:
=LOOKUP(1,1/FREQUENCY(-C1,-A1:A4),IF({1},B1:B4))
eg with A1:A4={1,5,8,3} B1:B4={1,2,3,4} C1=4 the first formula returns 1 and the second 4.