Typically yes – however, for some steps, you’ll need to make sure you work on the correct instance. The key is to set an environment variable like RAILS_DB=myfancypantsinstance1 e.g. when entering the rails console.
This is why I recommend making the first instance on a multisite host a test instance: If you ever forget to specify the instance, you’ll target your test instance, which is probably safer than working with a production instance by accident 