Yes, each embedded view has its own set of parameters (i.e. - adjusting the parameter value of one embedded view instance will not change the parameters in other embedded view instances).
One thing to be careful of at the moment is that adding additional custom parameters to the source view will not automatically add the new parameter to all embedded view instances. There is a feature in the pipeline to make “syncing” these new parameters possible: New parameter added to a view does not propagate to instances of that view in Perspective