It all depends on what you actually mean by the word "atomic".
Do you mean "the final value will be updated in one go" (yes, on x86 that's definitely guaranteed for a byte value - and any correctly aligned value up to 64 bits at least), or "if I set this to true (or false), no other thread will read a different value after I've set it" (that's not quite such a certainty - you need a "lock" prefix to guarantee that).