Certainly. And this goes for soil grows. Coco is a whole different and is more like a hydro medium.
Plants that can drain the water from a full watering in a day and need another watering the next day or they start to droop, have filled the container with a root ball and need to be up-potted or the plant will begin to struggle. However, if you put a small plant in a large container and then fully water that big container, the water will overwhelm the roots and they will not be able to keep up with the lake they are sitting in. Eventually they will begin to rot and the plant will die.
With auto's the advice is often given to plant the seed right into its final pot, sometimes a 5 or 7 gallon or more. But it takes an experienced gardener to know how to provide just enough water for the plant in that large container. So, it is often much better to up-pot a couple of times from smaller containers where it is easier to not provide too much water than it is to know how much water to provide the plant that is enough for growth but not too much which leads to root rot.
In soil, plants need three basic things, water, air and nutrients and they can take these in by both the foliage and the roots, but they do so mostly by the roots.
Roots can form in three different types; air, water, and soil. Each look very different and provide different functions for the plant. Most of us soil growers are developing soil based roots and roots grow best when the soil is on the drier side as they go searching for water. In fact they mostly grow when they need to look for water because the local soil has dried out.
If you keep your soil wet then they have all the water they need right at their feet they get lazy and don't grow much and you really want lots of roots when you get to flower so that you can shove a lot of water and flowering nutrients at them to try to maximize your harvest.
And if you keep the roots too wet early in their life they begin to rot and you get weird growth on the leaves and funky colors that look like deficiencies. Because that's what they are. The plant is not getting enough nitrogen or calcium or whatever, not because it's not in the soil, but because the roots have rotted and are no longer able to supply them to the plant.
So, the roots need to dry out and get a nice shot of oxygen periodically, and since the water fills all the voids in the soil when you water, it displaces the oxygen. That's why, especially on small plants that haven't developed good root structure, you'll sometimes see the plants droop right after you water.
There are many ways to tell if the soil has dried out. Some use the "knuckle test" where they shove a finger in the soil and if it is dry to the touch when their finger is down a knuckle or two they deem it dry. Unfortunately, that doesn't tell you the conditions down near the deep roots and the soil there could still be quite wet.
The best way is by weight. An easy way to do that is to load a pot similar to that in which you are growing with your regular soil mix but don't water it. Then pick it up and feel the weight. Then, compare a pot with your plant in it and when it feels roughly the same in weight you can be confident most of the water has been used. Basically, the pot should feel surprisingly light to you when you pick it up.
You can also use a moisture meter with probes long enough to reach the bottom of your pot. But with those you're looking for extremes, wet and dry. The moist reading doesn't tell you much.
@Emilya has
an excellent thread on watering in which she details a watering technique she developed to ensure her plants develop great root structures and it is well worth the read.