Preliminary evidence suggests yes. De Vos, Mason, and Kuypers (2021, Frontiers in Psychiatry) found that a single psychedelic dose can increase BDNF, dendritic spine density, and synapse formation within 24 hours. DMT and ayahuasca specifically are linked to hippocampal neuroplasticity effects in preclinical data. These changes are associated with antidepressant-like outcomes that outlast the acute experience. The research is still early, but the neuroplasticity findings are among the more robust in the psychedelic science literature.