Yes – in fact, it’s a key way of scoring points. Since matchdays are usually spread across more than one day, if your captain plays on the first day and doesn’t score you many points, you can switch captaincy to a player who hasn’t played yet.
That way, you get a second chance to score big (and potentially a third, fourth or fifth chance too, depending on the number of days in the matchday).
One thing you can’t do is give players the captaincy once they’ve already played – so switching your captain always has an element of risk.
Once you’ve switched your captain mid-matchday, you can’t undo it. Your original captain’s bonus points will be lost.