Yes, but it depends whether it gets to be logged as PIC or as SIC. If the safety pilot and the sole manipulator agree ahead of time that the safety pilot will be the ACTING PIC for the flight, then the safety pilot can log PIC for the time that the safety pilot is under the hood (this is the more common scenario, though the person who is acting as safety pilot may not always consider the significance of being the acting PIC). If the sole manipulator is also going to be the acting PIC, then the safety pilot can log SIC, as the safety pilot is a required crew member during that phase of flight.

If the flight lasts 1.0, and the sole manipulator is under the hood for .7, then the safety pilot can only log .7 in their logbook, whether that is as PIC or SIC. During the time the sole manipulator is NOT under the hood, the safety pilot is not a required crew member and cannot log anything, even if it was agreed ahead of time that the safety pilot would be acting PIC.

As the "acting PIC", you are responsible for the safety of the flight, from start up to shutdown, so take that role seriously. I believe I remember reading a letter from the FAA (one of their legal interpretation letters), that said you cannot change who is PIC mid-flight. You can't take on the responsibility of PIC only for the time the other person is under the hood, then hand it back when they take the hood off. Either your the PIC for the whole flight, or you're not.