Yes. See the following from Manage your iCloud storage - Apple Support
Delete backups and turn off iCloud Backup for your device
You can delete old iCloud backups for the device you're currently using, or older devices you may not use anymore. iCloud backups are available for 180 days after you disable or stop using iCloud Backup. Backups that are currently being used to restore a device can't be deleted.
iPhone, iPad, and iPod touch
- Go to Settings > [your name], then tap iCloud.
- Tap Manage Storage > Backups.
- Tap the name of the device whose backup you'd like to delete.
- Tap Delete Backup > Turn Off & Delete.
When you delete a backup, it also turns off iCloud Backup for your iPhone, iPad, or iPod touch. You can turn iCloud Backup back on in iCloud settings on your device.