Yes. Robinhood carries insurance of up to $500,000 for stocks for each user. Cash, on the other hand, is swept into U.S. bank accounts and is covered by up to $250,000 worth of F.D.I.C. insurance.
Robinhood also carries cybercrime insurance on some of its own crypto. This is to help prevent it from becoming insolvent if it is ever the victim of a major crypto hack. However, this insurance does not directly protect users from loss of crypto.