Yup.
My original intent was to run 3 4k monitors off my MacBook Pro 16. I assumed that the M1 Pro would support at least three external displays since earlier models did so. It was rather crazy on launch day and I was more concerned about being able to get one quickly. I realized after I received it that I could do three external displays.
So I went in another direction for my desktop setup and just use the MacBook Pro 16 exclusively as a laptop about 99% of the time. It has the added benefit of not having to plug and unplug and that I don't have to carry it around the house. I mainly use the laptop in the living room and my office is in the basement.