No. If you're banning by IP, then that IP is banned for everyone using that IP.
I have no idea how frequently this is used, I've never been IP banned, but for this exact reason it seems like using a sledgehammer to kill a cockroach. IP bans (apparently) last only a few days and are easily defeated by using a proxy / vpn, so I doubt they are very common because it's ineffective.
I would assume more modern blocking uses OS fingerprinting paired with IP and geolocation (assuming an anonymous user) to more effectively block. But I could be completely wrong there.