Yes, however, each person playing the game will need to have their own Square Enix Account, Xbox Account, and retail version of FINAL FANTASY XIV.
Please be sure that only one Square Enix Account is registered to a single Xbox Account.
In order to take turns playing the game, please switch users when you turn on the Xbox Series X|S console.
For information on how to switch users, please refer to Microsoft's knowledgebase
here.
