Yes, for example on Nokia C3-00, Asha 303 devices, perform the following:
Open Ovi mail inbox Select OptionsSelect More Select FoldersSelect folder to sync.
For example on Nokia 6700 classic, perform the following:
Open Ovi mail inboxSelect OptionsSelect Folders Select folder to sync.
Unfortunately, the native email client on older Nokia Series 40 (S40) devices does not support subfolders. You will only be able to see your inbox.