Certainly.
In later times you also had a whole class of 'armigers', who were not necessarily 'knights or nobles', but who nevertheless had a family coat of arms. In England, Cheshire and North Wales in particular were noted for their 'gentry' archers. Things like Burgerrecht in some German towns and cities, meant that any 'citizen' (but not 'inhabitant') could make up their own coat of arms and bear it without censure.