Yes. Currently, you can only update the global number of replicas. When started for the first time, PD reads the configuration file (conf/pd.yml) and uses the max-replicas configuration in it. If you want to update the number later, use the pd-ctl configuration command config set max-replicas $num and view the enabled configuration using config show all. The updating does not affect the applications and is configured in the background.
Make sure that the total number of TiKV instances is always greater than or equal to the number of replicas you set. For example, 3 replicas need 3 TiKV instances at least. Additional storage requirements need to be estimated before increasing the number of replicas. For more information about pd-ctl, see PD Control User Guide.