The short answer is yes, but only at scale. Otherwise, companies couldn't sustain mining efforts over time.

When Bitcoin's price goes down, profits go down, causing older (less efficient) hardware to be turned off. As a result, the difficulty decreases, making Bitcoin mining less demanding (and therefore more rewarding). Hash power comes back when the incentive returns and, the cycle repeats.

Sure, if you have cheap electricity, you can run NiceHash, which gives you Bitcoin for renting out your GPU's hash-power to other mining algorithms. But that's about as close as the average individual can get.