The short answer: yes.
The long answer: Yes, but…
If this is your home network, you’re providing attackers with an entry point into your network. You’re also giving yourself an avenue to get DDOS’d etc. You’d have to open ports and get that set up - or deal with a reverse proxy or whatever.
But generally it’s as easy as running a Docker container and pointing a domain at your IP.
Basically the main difference is who your admin team is. So that means different moderation styles, allowing NSFW or not, allowing downvotes, controlling which communities get made (or not), etc.
You can create communities on your home instance if your admins allow it (Lemmy.ml and Kbin do, Beehaw does not). But you have to make an account on an instance to create a community there.
It’s totally reasonable to jump between instances until you find one you like.