Yes.
Sharing iCloud Storage through Family Sharing does not merge accounts or contents.
Each account is kept separate from the others, and photos remain independent.
See here: Share an iCloud storage plan with your family - Apple Support
When you share a storage plan, your photos and documents stay private and everyone keeps using their own accounts with iCloud—just like when you have your own storage plan. You simply share the space available in the iCloud storage plan with your family members, so you only have one plan to manage.
Each Family Member must have their own Apple ID for this to work.