Yes. In Photoshop, an adjustment layer normally affects all layers beneath it. To limit it to just one layer, clip the adjustment layer to the specific layer you want to edit.

In the adjustment properties panel, look for the control that says the adjustment affects all layers below and click it to clip the adjustment to the layer directly underneath. Once clipped, the adjustment will apply only to that layer instead of the full stack.

This is the standard way to use an adjustment layer on a single layer in versions such as CS4 and later.