Is the use of the Presidential veto an example of checks and balances?

Yes. The framers wanted to make sure that the Legislative Branch could not become too powerful by creating the veto power for the president. However, the President's veto can be overturned with a 2/3 majority vote from both houses of congress. Also, the supreme court can overturn any legislation during a process called Judicial Review, limiting the power of the other two branches.