Yes, and this is genuinely good news since it was first documented. Restricting sign-ups on your verified domain used to require raising a ticket with Zoho Partner Support on your behalf; it's now a native, self-service setting available directly to any organisation admin.
A common problem: once colleagues hear that Zoho is being rolled out at their organisation, some sign up for individual Zoho accounts using their work email address before the official rollout, creating stray accounts that then need to be found, exported, and deleted before proper onboarding. Restricting the domain prevents this entirely.
Once you, as the verified domain owner, restrict external usage of your domain:
Zoho has also since extended domain verification requirements to sensitive user management actions specifically: organisation admins can now only reset MFA, disable MFA, generate backup codes, create a mailbox, or manage a user's email address for users belonging to a verified domain, further reducing the risk of unauthorised account recovery attempts.