Yes you can but you shouldn't use too much instance of the same plugin, i would say 3 is the max.
One workaround to this, if I may, is to record the audio right away, then "inactivate" the instrument instance, if using Pro Tools.
It no longer is acting like an Virtual Instrument as the Instrument has now been recorded.
This will save on processing power, allowing you to move onto the next virtual instrument as needed.
Nice thing about this is, you're not fully committed to that audio. If you decide later that you need to perform some MIDI edits on that track, you can "re-activate" it, make your edits, and re-record that audio. When satisfied with the performance of that track, you can then, commit it and treat it like any other audio-only track, ready for mix down.