Yes, that’s exactly the kind of thing it’s great at.

Nix stores all builds of its packages in a separate “store” on the machine, each identified by the hash of the build (“derivation”). When you activate your config, it basically symlinks the version you want into your PATH.

If your project needs a specific version, when you activate a Nix shell or script it will check your store for that version and activate it. If it doesn’t exist, it will fetch it (or even compile it from scratch if you need to).