Yes. Two businesses can have the same Google rating and still receive different LSA visibility. Your rating is only one part of the picture. Google also considers factors such as proximity to the customer, responsiveness, business hours, service areas, reviews, budget, and how well the business matches the customer's search.
For example, two HVAC companies with a 4.8-star rating may not get the same exposure if one is closer to the customer or has better coverage for the requested service.
So, having a strong rating helps, but it does not guarantee the same LSA visibility as another business with an identical rating.