Yes, that is a common variant. In fact, Dijkstra himself included this early termination in his algorithm (see problem 2). So in that sense it's not really a modification, it's how Dijkstra himself described the algorithm to begin with. As Wikipedia puts it:
Dijkstra's original algorithm found the shortest path between two given nodes, but a more common variant fixes a single node as the "source" node and finds shortest paths from the source to all other nodes in the graph, producing a shortest-path tree.
( is the same paper I linked to)
However, in my perception, the original version is the more popular one.
To make the exit condition a bit more precise, the algorithm can terminate when a goal node is taken out of the frontier. That can also happen if a goal node is tied for the lowest cost with other nodes. The same applies to A*. I intentionally use "a goal", because Dijkstra's algorithm also works with multiple goals or with a predicate that is evaluated to determine whether a node is a goal node.
By the way a recurring incorrect variant of Dijkstra's algorithm is to test whether a node is the goal when it is first reached and then terminate, but this fails to take into account that as long as a node is still in the frontier, it may be possible to find a shortcut to it.