Yes, if you use the 'Products' option type. This is where you select other products (or products from a specific category) to appear as options, instead of adding the options manually.
For example, you might have a smartphone product and select a 'phone case' and 'screen protector' product to appear as options on the smartphone product page. Since they are actual products elsewhere in your store, they are covered by the usual WooCommerce stock management.