Yes, this is a lifetime benefit. You can reuse the VA loan over and over again.
Buyers usually regain the full power of their benefit after selling a home and repaying their original VA loan in full. It's also possible to buy a home with a VA loan, live in it for a time and then rent it out and buy a new home using any remaining VA loan entitlement.
You typically need to sell a home to regain your full VA loan entitlement. The VA gives all qualified buyers one opportunity to repay a VA loan in full (usually with a non-VA refinance loan), keep the property and buy again with their full entitlement.