Yes.
According to the official website of NetEase Cloud Music, the steps to listen to songs in lower key in NetEase Cloud Music are as follows:
1. First, open the NetEase Cloud Music APP and click "Account" options.
2. Then click the "Settings" option on the "Account" page.
3. Find and click the "Whale Cloud Sound Effects" option on the "Settings" page.
4. On the "Whale Cloud Sound Effects" page, you can see a series of sliders. Slide the slider under "Presets" to achieve the effect of listening to songs in a lower key.