You never know exactly what you're getting with bagged soil, so poke a hole and assess. But generally, yes, soil and compost will work.

I am going to direct you to the bottom of the forum page where the Search box is. Type in Raised Bed and you will see numerous threads on this topic.

What you want is a soil that is about 92 to 95 percent mineral, the sand, silt, and/or clay that makes up most of all soil, and about 5 to 8 percent organic matter. The term "topsoil" is meaningless because "topsoil" is defined as the top 4 to 6 inches of soil that may contain organic matter and what passes for "topsoil" in Connecticut will not be the same as that in Arizona which will not be the same as that in Florida which will not be the same things as in Nebraska.
Depending on how much soil you need to fill that raised bed you may well be better off buying in bulk quantities then in 2 cubic foot bags. One cubic yard of space, 3 x 3 x 3, would require about 14 bags 2 cubic feet, of store bought soil. But then getting that one cubic yard of soil delivered may be difficult.