Yes, but the pressure rating depends on the material of the pipe. For example, a 1-inch Schedule 40 steel pipe can handle pressures up to around 1,300 psi, while a 1-inch PVC Schedule 40 pipe is rated for about 450 psi.
The inside diameter of a 1-inch pipe can vary depending on the material. For instance, a 1-inch nominal steel pipe typically has an inside diameter of about 1.049 inches.