Yes. You can create several terms in the app Dashboard, and each one has its own text, mode and products.
When editing a term, go to Assigned products and choose All products or Selected products. With Selected products, you can assign the term by product, collection, product type, vendor or tag. Use Exclude Products and Exclude Collections to leave specific items out.
Each term has its own on/off toggle in the Dashboard, so you can prepare a term in advance and turn it on when you need it.