Yes, you can use MATLAB Grader assessments for high stakes assessments such as quizzes and exams. It should work well for a variety of assessments based on grading MATLAB code to validate student mastery of MATLAB skills and/or academic topics.
Otherwise, there are two things that typically come up regarding exams that you may need ot consider.
Exam integrity. Instructors may want to use solutions in concert with their learning management system to protect the integrity of exam questions, and to reduce cheating. These tools sometimes referred to as “online proctoring” require configuration to let MATLAB Grade work successfully. We have written an article on the topic.
Exam scheduling. Instructors should use the features of MATLAB Grader (free version) or their LMS (integrated version) to restrict access to the exam questions during a specific time frame only. Each LMS does this restriction differently. In MATLAB Grader, you can enable this using the “Visible Date” and treat all problems in a single assignment as an exam. However, please note that MATLAB Grader will not be able to hide access to the problems once the exam is over. If that is required, the instructor should use their LMS.