Yes. A single short link can route visitors to different destinations depending on their country, language or device.
The most common setup: iPhone users go to the App Store, Android users to Google Play, and desktop visitors to your website. You share one link everywhere and everyone ends up in the right place.
Country targeting is typically used for localised campaigns — visitors from one market see a local page, everyone else sees the default.
Anyone who does not match a rule goes to the default destination, so nobody is left stranded.