Yes. Edit config/servicability.xml and restart the server. The Virgo (donation of dm Server to Eclipse.org) documentation gives some more detail.
The elements to edit are MaxIndex and MaxFileSize as shown in the extract below:
<appender name="${applicationName}_LOG_FILE" class="ch.qos.logback.core.rolling.RollingFileAppender">
<file>serviceability/logs/${applicationName}/log.log</file>
<rollingPolicy class="ch.qos.logback.core.rolling.FixedWindowRollingPolicy">
<FileNamePattern>serviceability/logs/${applicationName}/log_%i.log</FileNamePattern>
<MinIndex>1</MinIndex>
<MaxIndex>4</MaxIndex>
</rollingPolicy>
<triggeringPolicy class="ch.qos.logback.core.rolling.SizeBasedTriggeringPolicy">
<MaxFileSize>10MB</MaxFileSize>
</triggeringPolicy>
<encoder class="ch.qos.logback.classic.encoder.PatternLayoutEncoder">
<Pattern>[%d{yyyy-MM-dd HH:mm:ss.SSS}] %-28.28thread %-64.64logger{64} %X{medic.eventCode} %msg %ex%n</Pattern>
</encoder>
</appender>