Yes. There are two relevant settings, one is how much redundancy you want per person (e.g. at least 2 relays with their posts) and how many total websocket connections you are okay with. I do 2 per person, and 30 relay connections. Right now for example I am following 119 people and I'm connected to 15 relays (only 12 of which for the purpose of following people) and that covers everybody twice (the other 3 relays are connected for inbox service).