Yes, you can.
The Flutter SDK is nothing more than a bunch of files that you download and put in any folder of the OS. And the path of this folder is set in PATH just to make your life easier and be able to run the commands without having to navigate to the folder where it is.
Taking this into account, you can have as many Sdks as you want, in different folders. And even go changing their path directly in your PATH.
Although this works, people usually use the fvm(Flutter Version Manager) which does exactly this task of downloading N Sdks in different folders, only it leaves in a more "simple" way the change between the different versions. In addition to some other commands that may be useful.
Project documentation is all you need: https://fvm.app/