You can. KDE Wayland allows you to even set fractional scaling. I had 125% on one monitor and 100% on three others. all work like a chgarm
I set DPI so that a 15pt font occupies 15pt physical space on screen. Not sure how to set DPI using fractional scaling.
I don't know whether GNOME supports anything similar, unlike KDE they really don't like giving users very many configuration options.