Yes, sustainable development provides a good model for societal development as the entire idea of sustaining a populace carries over to societal development quite well. In sustainable development, the impacts on the environment are put front and center, and likewise, in societal development in such concerns for environment and consequence are considered, then it shall lead to a better sustained society as well.
Of course, it is not considered common sense by many because sustainability often means profits do not rise as fast. We live in a society that burns through it resources to get max production and mass paydays. So, it would benefit society to slow down and bit and only use what we need with sustainable development. Allowing future generations the same comfortable life style as previous generations had.