As others have mentioned, the way Linux mounts drives means that they are effectively no different (for these purposes) as local folders in the same volume.
That said, I think the clear answer to your overarching question is yes. I have a Linux gaming rig with a boot volume (from which I run no games), 2 gaming SSDs, and a few slow mechanical storage drives. Those SSDs are mounted to subdirectories in /home/myuser, and each houses a separate Steam library. From Steam's standpoint, they're ultimately two libraries on the same volume.