Yes sure. For example in my case I tried changing the host IP:
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I created a new db connection in development target:
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I configured the db connection in staging target but with different host IP then the development target
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Then, while I am still on staging target I went back to server connect db connection settings only to find same host IP as I configured on the development target and not the one which I updated in db manager:
The same thing happened to me the first time when I had an existing connection, then I changed host ip on db manager, the changes did not reflect on the server connect connection settings for the same target, and I got stuck for hours trying to understand why connection was not working until I read this Invalid target configuration error when connecting to database and then I thought about server connect connection settings
Give it a try and let me know if it works on your end