Yes, but most half-folk "breed so true" in looks/physique to one of the parents that folk in the Realms don't distinguish. Some might (especially to discriminate). However, from Gary(Gygax) onwards, the custodians of the game rules have minimized "half-folk" stats/rules/templates
— Ed Greenwood (@TheEdVerse) August 4, 2018
Gary's reason, said on an early GenCon panel: "Almost any crossbreeding is possible, but we don't add most possible combinations to the rules, because that way lies madness."
— Ed Greenwood (@TheEdVerse) August 4, 2018
lol, thats like practically double all know races, geez, that would be crazy There's a long-ago Dragon magazine article by Gary in which he asks the reader to consider the notion of an amorous pixie with a growth potion, interested in a giant. Ahem. Yes, pages and pages of stats…
— Ed Greenwood (@TheEdVerse) August 4, 2018
It would more than double all known races by an insane amount. The actual amount would be n×(n+1)/2, where n is the number of interbreeding races. Even just using the races in the 5e PHB would result in 36 races if we use “orc” in place of half-orc. We can reduce that number to 29 – 1+7×(7+1)/2 – if we consider tieflings to be a dominant type (a notion partially dismantled by later supplements like SCAG and MToF). Once we take subspecies traits into account, the number, as GG said, balloons into madness, as we are no longer dealing with just half-orc/half dragonborn but half-drow/half- rock gnomes and lightfoot halfling/wild elf hybrids. Using just the race/subspecies types available in the PHB results in 79 different combinations. Throw in the playable races and subspecies from SCAG, VGtM, MToF, etc., and you’ll have more races than any DM can handle (though I might personally allow things like fire genasi tieflings of Dispater or firbolg/shadar-kai, as my world is a rather terrible place).