Yes. You can change any settings of your program for a limited time, for example double points for Black Friday:
Duplicate your points program.
In the copy, change what you need, for example 2 points per $1 instead of 1.
Drag the copy above the original in your list of programs, so it has a higher priority.
Activate the copy when the promotion starts. While it's active, customers earn points by its rules.
Deactivate the copy when the promotion ends. The original program works again.
Customers keep the points they earned during the promotion, because the points balance belongs to the customer, not to a program. The start and end can't be scheduled. You switch the copy on and off yourself.
Learn more: Setting up ways to earn · Earning rule – Place an order