It is, yes. The WooCommerce Give Products extension allows you to give away access to Restrictions via WooCommerce Products, and WooCommerce Restrictions is fully compatible with the 'Give Products' extension for WooCommerce.
Note: WooCommerce Give Products is an add-on sold separately by WooCommerce.
Tip: Even without the 'Give Products' extension, you can always give any User access to any given set of Restrictions that you've configured. This is accomplished by editing the account for a User and configuring 'Customer Permissions'.
In short, it is Customer Permissions that allow any given User (even if they're not a paying Customer) to access restricted content. Customer Permissions can be given by the site owner or obtained through the purchase of a WooCommerce Product. Ordinarily, Customer Permissions are acquired by a Customer after completing checkout, but you can choose to grant them permission yourself at any time you like. See: Managing Customer Permissions