Disney Answer: Yes
While everyone knows that the monorail services Disney’s Contemporary Resort, that isn’t the only way to get to the theme parks. Of all the resorts in the Magic Kingdom area, it is the only resort (along with Bay Lake Tower which is attached to the Contemporary) that you can walk directly from the resort into a theme park. Both Polynesian Village and the Grand Floridian are not directly accessible to the Magic Kingdom.
In fact, if you are going to the Magic Kingdom from the Contemporary, it is much quicker to walk to the Magic Kingdom than take the resort monorail. After waiting for the monorail at the Contemporary, it will make three more stops before coming to the Magic Kingdom, and the trip will take about 15 – 20 minutes, maybe more if the trains are delayed at all. Walking from the Contemporary will take about 5 – 10 minutes, depending on how quickly you can walk.
Please note however, after a long day in the park, it may be worth taking the monorail back to the Contemporary from the Magic Kingdom even if it is a few minutes longer. It is the first stop on the resort line, and your feet may be considerably more tired than on the way to the park in the morning.
To walk to the Magic Kingdom from the Contemporary, there is a sidewalk that starts at the bus stop in front of the resort, head to the North away from the Contemporary. The sidewalk basically follows the monorail line until you reach the Magic Kingdom plaza, where you can go directly into the park. The path from Bay Lake is similar, just exit the front of Bay Lake and follow the sidewalk West until it joins with the sidewalk from the Contemporary.