100% yes. It isn't all that complicated.
Going heavier on the big compound lifts and "finishing" with relatively-lighter isolation lifts is a pretty basic bodybuilding template, and it's common sense that going too heavy on isolation exercises is asking for injury. But then again, same goes for going too heavy on compound lifts.
Playing with different variables (sets, reps, weight, exercises, etc.) will lead to different results, but overthinking will lead to the least results of all.
Depends what you consider "light weight and a high rep range." A weight that approaches failure in the 8-12 rep range is classic bodybuilding stuff for a reason.
Occasionally going higher than that has some purpose, but more often than not, using very light weights for very high reps does little to build muscle or strength, regardless of the exercise.