Yes. As of September 1, 2014, all SKUs containing Office 365 ProPlus, Project Pro for Office 365, or Visio Pro for Office 365 can be used by multiple users on a shared device or virtual machine. This is referred to as shared computer activation. Users in a Terminal Server environment are now able to use Office applications such as Word and Excel without it counting against the five total installations allowed for Office 365.
Shared computer activation uses the Office Deployment Tool. Once enabled, Office installs without being activated and when a user signs in, Office will check to see if the user has been provisioned for Office 365 ProPlus and temporarily activates. If a second user signs in to the same computer, the activation doesn’t persist from the first user and the process is repeated. This means that multiple users on the same computer are all able to use Office 365 products simultaneously.
For more information on shared computer activation for Office 365 ProPlus see, Overview of shared computer activation for Office 365 ProPlus.