Yes.
You can create a new store using the same app ID as the production store, but with a different index prefix, such as "dev_" or "test_". This way, the products will be indexed to Algolia in the "dev_" or "test_" indices.
You can find a field to change the index prefix used in Algolia in the Credentials section of the Settings tab.
Set up each store with a different prefix, and you’re good to go.