Yes, it can, especially because the effects of saturation are cumulative when the ground doesn’t have a chance to dry out.
See: Hurricane Floyd. It was so bad because ANOTHER hurricane had dropped 2-3ft of rain on Eastern North Carolina a few weeks earlier. As a result basically everything east of I95 saw a 500 year flood.
Or Hurricane Ida, which "only" dropped 5-10 inches of rain but caused massive flooding in PA/NJ/NY, due to saturated ground.
This storm is expected to be larger than Saturday's.