Sort of... $h$ is the Hubble Constant scaled by 100 $\textrm{km s}^{-1}\textrm{Mpc}^{-1}$ ($\frac{H_0}{100\textrm{km s}^{-1}\textrm{Mpc}^{-1}}$) so it becomes an unitless scaling factor. So if you want the distance with your (or the community's) current favorite value for $H_0$ (let's say $67~\textrm{km s}^{-1}\textrm{Mpc}^{-1}$) then you should divide by $h=67/100=0.67$ so '50 Mpc/h' is $50/0.67=74.6~\textrm{Mpc}$ in that assumed cosmology.
As a related aside, Astropy's cosmology module has the ability to support multiple cosmologies and provides access to various "preferred" values e.g.
>>> from astropy.cosmology import Planck15 as cosmo
>>> cosmo.H(0)
<Quantity 67.74 km / (Mpc s)>
>>> cosmo.h
0.6774
>>> cosmo.age(z=0) # Age at redshift (z)=0
<Quantity 13.79761666 Gyr>
(using the Planck collaboration 2015 Paper XIII cosmological parameters as an example)
Edit: As pointed out by @ntessore there is an inbuilt equivalency for the "little h ($h$)" so you can do (for the same example as above):
>>> import astropy.units as u
>>> import astropy.cosmology.units as cu
>>> H0_67 = 67 * u.km/u.s/u.Mpc
>>> distance = 50 * (u.Mpc/cu.littleh)
>>> distance.to(u.Mpc, cu.with_H0(H0_67))
<Quantity 74.62686567 Mpc>