Yes, it is. By changing the derivation path you create what is known as a new account. Ledger Live will deal with the derivation path automatically for you in the background - all you have to do is add a new account for the coin in question (bitcoin, in this case), and the address type you want to use (legacy or segwit). There are instructions on doing this here: https://support.ledger.com/hc/en-us/articles/360006410253-Add-your-accounts. The only caveat here is you can only create a new account for each address type if the previous account for that address type has received a transaction already. This is to stop users creating dozens of unnecessary accounts and then forgetting which one their bitcoin is in.
If you follow this method, it is important to remember what is happening in the background - Ledger Live is changing the derivation path for each account. This is important if you ever need to restore your seed phrase to another wallet, as by default most wallets will show the first account only, and you'll need to specifically tell them to look for other accounts.
Thanks a lot, that's very clear!
If I understand well, what you describe is one of the characteristics of HD wallets: a single seed allows you to generate a virtually infinite number of wallets that are all separate from each other. The only way to link them to each other, given no cross-transaction, would be to know the seed.
Then, if as you mention, I need to restore the seed on another wallet/service, how would the software know "which derivation path to look for"?
My understanding is that this is the "deterministic" part of HD wallet and the derivation paths follow a sequence that will always be the same, going from wallet number 1 to wallet number infinite always in the same order no matter the service used to access this wallet. Am I correct?
Sorry if I'm way off, as you can tell, I'm not that technical...