Yes. But you need to install the agent on it
You can't update from the ePO Server this way.
You would have to share out C:\Program Files\McAfee\ePolicy Orchestrator\DB\Software folder. That is where all the update files are kept. I do not recommend you doing that.
Best way is to create a http or UNC Distributed Repository on another machine then point this machine to that repository. Seems like a lot of work for just one machine.
Easier to just install the agent.