Yes. PyXLL imports your Python code from your filesystem, and so code using PyXLL can be version controlled in exactly the same way as your existing Python code.
Unlike other solutions, PyXLL does not embed code into your workbooks, keeping a clean separation between code and data.
This is the completely avoids the "copy/paste" bugs that have plagued VBA development, where code gets copied between workbooks completely uncontrolled. By centralizing the Python code and importing it from the filesystem, rather than embedding it, Python code fixes and updates are reflected everywhere those functions are used, without having to manually update every sheet.