Yep. Most installers will let you specify mount points for partitions, and it will have an option for if you want to format the partition (obviously don’t select this for /home!). So you’d have one partition for the root, and one partition for home. You’d set the mount point of the root partition to /, tell it to format that, and set the mount point of the home partition to /home, and tell it to not format that, and it’ll work as you described.
See also the other reply to my earlier comment; this is just one way, and maybe not the best way, to handle this.