Sure, I call it being a blitz or bullet specialist. You can far exceed (maybe 400-600 points) what's normal for your classical time control peers. That's how you can see IMs or even FMs pretty high on chess.com blitz or bullet ranks (higher than GMs).
The drawback is you'll hit a wall where your stop gap methods no longer work. I call them stop gap because speed chess only gives you enough time to play the strategy and tactics you know really well... so that means at some point to improve your speed game you have to improve your game overall. That means learning skills that are useful in classical.
As an example, IMO Carlsen is pretty bad with the mouse. Frankly I think I'm (at least a little) faster than him... meanwhile people like Naka and penguin are otherworldly in time scrambles... but Carlsen is better than them in speed games because he's better at chess overall.
Anyway there are other tricks like blitz-specific repertoires and blitz-specific evaluations (like correctly judging the value of initiative, or which endgame is a draw or loss). For example you should choose a lost endgame that is very hard for your opponent to win in 30 seconds over a drawn endgame that's very hard for you to draw in 30 seconds.
It's a common topic of discussion whether or not someone can get better at chess playing bullet/low time control blitz. Now here's the fact of the matter. Most people that play on this website aren't interested in, and have never actually been to, a real chess tournament. Why would i care about getting better at something that I never plan on doing?
Now here's a question that is very seldom asked. Can someone get substantially or even partially better, or perhaps just worse, at playing bullet/blitz by playing bullet/blitz? What are your opinions? Conditions for failure/success? Personal stories?
I'll love to share my own after i get some insight on everyone elses'.