Yes, FetLife allows people to have multiple profiles. For example, MeanUberDom might have a secret fantasy about being spanked, and doesn't feel comfortable letting all his friends know - so he creates a secondary (also called alternate) profile called PlsSpankMeMommy to explore this side of his sexuality. His pictures are still of or by him, but may not be as identifiable. The information about age and such changed to help him feel comfortable and not judged by others. But it is still the sort of profile allowed on FetLife.
There are some types of alternate profiles that we do not allow. For example: