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Yes. As noted by Luis, "Soy un Mexicano" and "Yo soy un Mexicano" are the same and both are statements that translate to 'I am a Mexican'. However, the first would typically be used in answering a bland/normal situation question, such as in filling in an application (emotion neutral). If there is a discussion where I want to emphasize that I am a Mexican to make a particular point of it (for example, I am proud to be a Mexican) I would say "Yo Soy un Mexicano".
Is "I" in "I am" always inferred or is there a word that would precede "Soy" as a more formal tone of speech?