Yes, is the answer to your question.
What I think you're looking for = THRUST... right?
What you want is for the "ship" to be able to rotate in any direction, and the thrust to be applied correctly, out of the "arse" of the ship, moving it forward, in ship terms.
This is absolutely possible, but does require a little "dummy" trick.
But I'm confusing you.
The local space of a SKPhysicsBody is relative to its parent. I presume.
And there's the speculative part. I'm guessing. I haven't tried this.
But... most physicsBodys are the child of an SKNode that's parented to the scene.
If you parent your ship to a dummy node for the purposes of rotation, and then rotate the dummy node, you should be able to make your spaceship fly in circles without ever changing the thrust vector, by simply rotating the dummy node.
Theoretically.
Something like this horrible pseudo code might help to start... maybe.
let dummy = SKNode()
let ship = SKSPriteNode()
dummy.addchild(ship)
ship.Physicsbody(add how you want here...)
ship.PhysicsBody.applyForce (vector that's only X, for example)
rotate dummy with action over time...