Yes. A bellows adds extension, and extra extension increases magnification, so it can take a 1:2 macro lens to 1:1 or beyond. In that sense, a bellows can do the same job as an extension tube for reaching life-size reproduction.

The main limitation is the bellows’ minimum extension when fully collapsed. If it cannot collapse short enough, you may not be able to get exactly down to 1:1 with the lens set at infinity; the setup may start at a magnification greater than 1:1. So the issue usually isn’t reaching 1:1, but whether the bellows has enough adjustment range to include it.

Also, with either a bellows or extension tube, you lose infinity focus while the extension is attached. These accessories are for close-up work, not normal-distance focusing.