It certainly is. You can actually have up to 3 named Options (e.g., Size, Color, Style), and each of those can have a list of as many different Values as you need (e.g., for the "Size" Option, you could list its Values as XS, S, M, L, XL, XXL...).
BTW, if none of these Options will affect the price nor shipping weight, and if you don't need to track inventory for each combination separately, you should find our "Variations which tell more..." setting much simpler and easier to use than the more complicated "Variants having individual price/weight/stock/SKU" configuration.
