Yes, a gulf is a body of water—specifically, a large indentation of an ocean or sea partially enclosed by land, typically broader and more open than a bay.
No strict technical boundary, but gulfs tend to be larger, wider-mouthed, and more open to the parent ocean. "Bay" often used for smaller, more enclosed indentations. Some features bear both names historically (e.g., Hudson Bay vs. Gulf of Maine—similar sizes, different conventions).
Gulfs are strategically, economically, and ecologically significant coastal features worldwide.