Yes and no. Anything in the scan off of the negative can be manipulated in color-correction, and anything detail that is 2-stops over is still visible on the negative. However, anything much beyond five or so stops over is burned-out and somewhat noisy on some scans, and if your subject is 2-stops overexposed, then there is only detail for objects that are 3 more stops over that -- so your brightest near-white areas can look a bit odd and flattened or clipped once you correct the overexposed highlights to normal brightness.
I saw "flattened" because if your subject was exposed near the shoulder of the characteristic curve rather than the straight-line portion, it exists in a flatter lower-contrast zone, so you get somewhat "dulled" looking whites and bright areas right next to your skintones.