Yes, @Mehuliyo, you can use Golden Master for Black Box testing and for White Box testing. You can run small parts of the system or you can run large parts of the system or you can run the whole system.
Most people use Golden Master to do Black Box testing. This is the most common choice.
We can use Golden Master to do White Box testing when the code has many logging statements. We can use the log to create our Golden Master Output.