Yes, it’s possible. The most likely a VPN does this is by helping users evade speed throttling. Internet service providers (ISPs) will “throttle” or intentionally slow down a user’s internet connection when that user is consuming a large amount of bandwidth. This typically happens when users are online gaming, streaming from multiple devices, or torrenting large files.
A VPN gives a user a new IP address and hides internet activities from the user’s ISP. This prevents the ISP from snooping on their traffic, and if they can’t see the traffic, they can’t identify and throttle connection speed.