Yes, and no.
There are a few ways of doing it, but essentially, you’re going to have - in the same material node system - your material for your base wood, and the material for the paint effect. You’ll then probably use a Mix node to combine the two.
This more or less is what I’m talking about. You can then use either a procedural system to mask where paint does and doesn’t show (like in the video), or you can paint a simple black/white mask yourself if you want finer control.