Yes. You can cut it for a quarter wave on 2M (about 19 inches) and it will have a reasonable resonance on the 70cm band.

All antennas like this benefit from a ground plane (or grounded wires aka radials) at the feed point. More is better.

On 70cm, the angle of radiation will be high, and while this is technically gain (but, gain upwards at 30 degrees into the clouds, mind you), you will have better performance with a quarter-wave antenna actually cut for 70cm. In practice though, the resonance and high-angle are acceptable and much better than an HT in a house or inside a car. So it's not a bad idea at all and it will work.

Commercial dual-band antennas typically have an integrated trap or other interesting methods of getting the pattern to behave on both bands. I've never successfully built one of those myself. But I have used many 19" antennas on 2M and 70cm. It's no crime to be cheap and it works alright.

For about $35 you can get this antenna, which has gain on 70cm and unity gain on 2M. It's excellent and is worth the cash when you can. There are higher gain antennas and wider banded antennas, but this $33 one is just fine. The version is the "NMO-72" which is the nice minimalist dual band.