Yes. I typically have the release version of Xcode in the systems Applications directory and a renamed beta version in a temp directory. There's no Xcode beta available in the developer portal now, so I only have one version of Xcode on my main system, but that's not typical.
If you want to run old versions of Xcode, it helps to keep around a bootable partition on your SSD or HD which has the old version of OS X on which that version of Xcode was released. So I have one of those partitions as well, in case I need to support a custom app for ancient iOS 6.x and 4.x devices, such as the iPhone 3GS and 1G.
Very old release versions that did not install in /Applications did not support running multiple versions very well, as they over-wrote each other. In that case, a separate bootable partition is also useful. But I don't keep those ones around any more.